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Home Values and Ownership in Zip Code 16344: Rouseville's Shifting Real Estate Landscape
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
Rouseville, located in zip code 16344 in Pennsylvania, is a small community that has experienced notable shifts in homeownership and housing prices over the past decade. This area has seen fluctuations in its ownership percentages, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The relationship between homeownership rates and average home prices in Rouseville shows an interesting pattern. In 2013, the homeownership rate was 85%, with an average home price of $40,101. As average home prices increased to $46,874 by 2015, the homeownership rate rose slightly to 89%. However, a significant shift occurred between 2020 and 2022. Despite a substantial increase in average home prices from $47,210 in 2020 to $65,161 in 2022, the homeownership rate declined from 84% to 76%. This trend suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates appear to have influenced homeownership rates in the area. During periods of low interest rates, such as 2013-2015 when rates were below 0.15%, homeownership rates remained high at around 85-89%. As interest rates began to rise, particularly after 2016, there was a gradual decline in homeownership. By 2022, when interest rates reached 1.68%, the homeownership rate had dropped to 76%, indicating that higher borrowing costs may have deterred potential buyers.
The renter population and average rent prices in Rouseville have shown a corresponding trend. As homeownership rates declined, the percentage of renters increased from 11% in 2014 to 18% in 2022. During this period, average rent prices rose significantly, from $632 in 2014 to $836 in 2022, a 32% increase. This surge in rent prices coincided with a slight decrease in population from 49 in 2014 to 43 in 2022, suggesting that demand for rental properties remained strong despite the population decline.
In 2023 and 2024, the average home prices in Rouseville experienced a slight decrease, settling at $63,604 in 2023 and $63,427 in 2024. This modest decline comes after the peak of $65,161 in 2022. Notably, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may be contributing to the stabilization of home prices.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in Rouseville:
1. Average home prices are likely to stabilize or show moderate growth, potentially reaching around $68,000-$70,000 by 2029.
2. Average rent prices may continue to increase, albeit at a slower rate, potentially reaching $900-$950 per month by 2029.
In summary, Rouseville has experienced a shift towards more renters and fewer homeowners over the past decade, driven by rising home prices and fluctuating interest rates. The community has seen significant increases in both home values and rent prices, with recent data suggesting a potential stabilization in the housing market. These trends reflect the dynamic nature of the local real estate market and the ongoing challenges in balancing affordability with property values.
