Loading Content...
Home Values and Ownership Trends in Zip Code 15430: Vanderbilt's Shifting Housing Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15430, located in Vanderbilt, Pennsylvania, is a small community with a population of 121 as of 2022. This area has experienced significant shifts in homeownership rates and property values over the past decade, with a notable trend towards increased owner-occupied housing.
The homeownership rate in zip code 15430 has shown a remarkable upward trend, increasing from 75% in 2013 to 86% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $48,768, which more than doubled to $102,123 by 2022. This sharp increase in property values, particularly between 2019 and 2022, may have contributed to the growing preference for homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the increasing homeownership rates in zip code 15430, as they made mortgage financing more affordable for potential buyers. The dramatic rise in homeownership from 79% in 2017 to 88% in 2021 correlates with interest rates remaining below 2% during this period.
Conversely, the percentage of renters in zip code 15430 has declined significantly, dropping from 28% in 2015 to 12% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $654 in 2013 to $674 in 2022, with fluctuations in between. Notably, there was a peak in average rent at $805 in 2017, coinciding with the lowest renter percentage of 21% during the observed period. This inverse relationship between renter percentage and rent prices suggests that even as fewer people rent, the cost of renting has generally increased.
In 2023, the average home price in zip code 15430 slightly decreased to $101,963, while federal interest rates rose sharply to 5.02%. Despite this increase in interest rates, the average home price for 2024 has risen to $110,409, with interest rates further climbing to 5.33%. This resilience in home prices despite higher borrowing costs suggests strong demand in the local real estate market.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Home prices are expected to maintain their growth trajectory, potentially reaching around $130,000 by 2029. Rent prices are also projected to increase, albeit at a more moderate pace, potentially approaching $750 per month by 2029.
In summary, zip code 15430 has experienced a significant shift towards homeownership, with a concurrent rise in property values. The interplay between federal interest rates, homeownership rates, and property prices has been evident, with low interest rates correlating with increased homeownership. Despite a decreasing renter population, rent prices have generally trended upward. The area's real estate market shows resilience and potential for continued growth, as evidenced by rising home prices even in the face of increasing interest rates.
