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Rising Home Values and High Ownership in Zip Code 15046: Leetsdale's Resilient Housing Market
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 15046, located in Leetsdale, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a predominantly owner-occupied housing market, with ownership rates consistently above 80% throughout the observed period.
The relationship between homeownership rates and average home prices in zip code 15046 shows a generally positive correlation. In 2013, the homeownership rate was 84% with an average home price of $120,078. As average home prices steadily increased, reaching $207,863 in 2022, the homeownership rate also rose to 89%. This trend suggests that rising property values have not deterred homeownership in the area, possibly indicating strong local economic conditions or a desirable living environment.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.4%), homeownership in the zip code increased from 84% to 88%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership rates in the area remained high, suggesting other factors supporting homeownership in this zip code.
Renter percentages and average rent prices in zip code 15046 have shown an inverse relationship to homeownership trends. In 2013, the renter-occupied percentage was 16% with an average rent of $476. As homeownership increased, the renter percentage decreased to 11% by 2022, while average rent prices rose significantly to $1,010. This substantial increase in rent prices, despite a decreasing renter population, could indicate a shortage of rental properties or an increase in the quality of available rentals.
Looking at the most recent data, the average home price in zip code 15046 for 2023 was $212,836, showing continued appreciation from the previous year. In 2024, the average home price has further increased to $224,180. Concurrently, federal interest rates have risen to 5.33% in 2024, which is significantly higher than the rates seen in the early 2020s. Despite these higher interest rates, home prices continue to climb, suggesting strong demand in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 15046. Based on the historical data and current trends, average home prices could potentially reach around $260,000 to $280,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $1,200 to $1,300 per month in the same timeframe.
In summary, zip code 15046 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong homeownership even as borrowing costs have increased. The rental market, while smaller, has seen significant price appreciation, potentially reflecting limited supply or improved quality of rental properties. These trends suggest a continued strong demand for housing in this zip code, with both ownership and rental markets likely to see further growth in the coming years.
