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Home Values and Ownership in Zip Code 15632: Suburban Stability Amidst Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15632, located in Murrysville, Pennsylvania, presents an interesting case study of homeownership and rental trends. This suburban area has maintained a consistently high rate of homeownership over the past decade, with average home prices steadily increasing alongside a relatively stable rental market.
The homeownership rate in zip code 15632 has remained remarkably steady, hovering around 82-83% from 2013 to 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $174,584, which rose to $271,940 by 2022, representing a 55.8% increase over nine years. This trend suggests a strong and growing demand for homeownership in the area, despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in zip code 15632. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code remained stable, indicating a resilient local housing market.
The rental market in zip code 15632 has shown moderate growth alongside the rising homeownership trend. The percentage of renters increased slightly from 16% in 2013 to 17% in 2022. Average rent prices also saw an upward trend, rising from $746 in 2013 to $1,034 in 2022, a 38.6% increase. This growth in rent prices, while significant, was less pronounced than the increase in home prices over the same period.
Looking at the most recent data, average home prices in zip code 15632 continued to rise, reaching $281,581 in 2023 and $293,513 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the local housing market appears to maintain its upward trajectory in terms of home values.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 15632 to continue their upward trajectory, potentially reaching around $340,000 by 2029. Average rent prices are also expected to increase, albeit at a slower pace, potentially reaching approximately $1,200 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market dynamics.
In summary, zip code 15632 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong homeownership levels even as both home prices and rents have increased. The consistent growth in both sectors suggests a desirable living environment with sustained demand for both owned and rented properties.
