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Home Values and Ownership in Zip Code 15665: A Decade of Dramatic Shifts
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 15665, located in Manor, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community, covering just 0.73 square miles, has seen a notable shift towards increased homeownership and fluctuating property values.
The ownership percentage in zip code 15665 has shown a strong upward trend, rising from 79% in 2013 to 93% in 2022. This substantial increase in homeownership coincides with a steady rise in average home prices. In 2013, the average home price was $103,487, which grew to $160,265 by 2022, representing a 54.9% increase over nine years. This positive correlation suggests that as property values appreciated, more residents were motivated to become homeowners, possibly viewing real estate as a solid investment opportunity.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15665. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership remained relatively stable, hovering around 79-83%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership in the area actually increased to 93%. This counter-intuitive trend might be explained by residents rushing to purchase homes before rates climbed further, or by other local economic factors encouraging homeownership despite higher borrowing costs.
The renter percentage in zip code 15665 has correspondingly decreased from 21% in 2014 to just 7% in 2022. Despite this declining renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $969, which increased to $1,091 by 2022, a 12.6% rise. This increase in rent prices, coupled with the decreasing renter population, suggests that the remaining rental properties may be commanding higher prices due to limited supply or improved quality of available units.
Looking at the most recent data, the average home price in zip code 15665 reached $163,434 in 2023, marking a continued upward trajectory. However, in 2024, there has been a slight decrease to $159,787. This recent dip coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices as borrowing becomes more expensive for potential buyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15665 may experience moderate growth, albeit at a slower pace than seen in previous years due to the current high interest rate environment. Average rent prices are expected to continue their upward trajectory, potentially at a faster rate, as the limited rental inventory in the area may drive up costs for the few available units.
In summary, zip code 15665 has witnessed a significant shift towards homeownership, with the rate increasing from 79% to 93% between 2013 and 2022. This change has been accompanied by a substantial rise in average home prices, growing by 54.9% during the same period. The rental market has contracted, with only 7% of residents renting in 2022, yet average rent prices have continued to climb. The recent uptick in federal interest rates appears to be having a cooling effect on home prices, as evidenced by the slight decrease in 2024. Moving forward, we expect moderate growth in home prices and continued increases in rent, shaped by the high interest rate environment and the area's strong preference for homeownership.
