Renter percentages in zip code 16440 have generally remained low, fluctuating between 10% and 13% from 2013 to 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $648, which increased to $748 by 2022, representing a 15.4% increase over nine years. This rise in rent prices occurred despite a declining population, which dropped from 731 in 2013 to 651 in 2022. The increase in rent prices, even with a shrinking population, could suggest a tightening rental market or improvements in rental property quality.

Looking at the most recent data, the average home price in zip code 16440 was $152,744 in 2023, which decreased to $146,889 in 2024. This 3.8% decline in home prices occurred alongside a rise in federal interest rates, which increased from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may have contributed to the softening of home prices by potentially reducing buyer demand.

Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 16440 to experience moderate growth. Given the recent decline and the current high interest rate environment, prices may initially stabilize before gradually increasing. For rent prices, the forecast suggests a continued upward trend, albeit at a potentially slower pace than observed in recent years, considering the area's declining population.

In summary, zip code 16440 demonstrates a strong preference for homeownership, with rates consistently above 87%. The area has experienced fluctuations in both home and rent prices, with recent data showing a slight decline in home values alongside rising interest rates. The rental market has seen steady increases in average rent despite a declining population. Moving forward, we can expect moderate growth in both home and rent prices, with the pace influenced by factors such as interest rates, population trends, and overall economic conditions.