Renter percentages in zip code 15468 have generally decreased as homeownership rates increased. In 2013, the renter percentage was 28%, which decreased to 23% by 2021. Interestingly, average rent prices have shown volatility during this period. The average rent increased from $615 in 2013 to a peak of $816 in 2017, before declining to $618 in 2021. This decline in average rent prices, coupled with decreasing renter percentages, suggests a shift towards homeownership in the area, possibly due to favorable buying conditions.

In 2023 and 2024, the real estate market in zip code 15468 continued to evolve. The average home price in 2023 was $85,717, showing a slight decrease from the 2022 price of $86,424. However, in 2024, the average home price rose significantly to $92,671, marking an 8.1% increase from the previous year. This increase occurred despite the federal interest rate rising to 5.33% in 2024, indicating strong demand for housing in the area even in a higher interest rate environment.

Looking ahead, predictive models suggest that average home prices in zip code 15468 may continue to rise over the next five years, albeit at a more moderate pace. The rate of increase is expected to slow due to higher interest rates, potentially reaching around $100,000 by 2029. Average rent prices are forecasted to stabilize and potentially increase slightly, possibly reaching $750-$800 per month by 2029, as the market adjusts to changing homeownership rates and housing demand.

In summary, zip code 15468 has experienced a trend of increasing homeownership rates and rising average home prices over the past decade. Despite recent increases in interest rates, the housing market in this area appears robust, with continued growth in home values. The interplay between homeownership rates, average home prices, and rent prices reflects a dynamic real estate market responding to both local and national economic factors.