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Rising Home Values and High Ownership Rates in Zip Code 15729: Commodore'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 15729, representing Commodore in Pennsylvania, presents an intriguing case study of housing trends in a small community. Over the past decade, this area has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic changes and local dynamics.
The homeownership rate in zip code 15729 has remained relatively high, ranging from 80% to 88% between 2013 and 2022. This trend indicates a strong preference for homeownership in the community. Interestingly, the average home prices have shown a steady increase in recent years. In 2020, the average home price was $101,706, rising to $115,089 by 2022, representing a 13.2% increase over two years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical national trend. Despite historically low interest rates from 2020 to 2021 (0.38% and 0.08% respectively), homeownership rates actually decreased slightly from 86% in 2019 to 80% in 2020, before rebounding to 85% in 2022. This suggests that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in zip code 15729 have fluctuated inversely to homeownership rates, ranging from 12% to 20% between 2013 and 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $575, dropping significantly to $356 in 2017, before rising again to $602 in 2022. This represents a 69% increase in average rent from 2017 to 2022. It's worth noting that these rent changes occurred alongside a declining population, from 1,513 in 2013 to 1,121 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 15729 reached $115,429 in 2023 and further increased to $118,847 in 2024. This represents a 3.3% increase from 2022 to 2024, indicating a continued upward trend in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15729 will continue to rise, albeit at a moderate pace. Based on the current trajectory, average home prices could reach approximately $130,000 by 2029. Average rent prices are expected to stabilize, potentially fluctuating around $620-$650 per month over the next five years, assuming no significant changes in local economic conditions or population trends.
In summary, zip code 15729 demonstrates a robust homeownership market with gradually increasing property values, despite recent population declines. The rental market has shown volatility but appears to be stabilizing. The community's resilience in maintaining high homeownership rates, even in the face of rising interest rates and fluctuating economic conditions, suggests a strong local preference for property ownership. Future trends will likely depend on broader economic factors, local development initiatives, and demographic shifts in the Commodore area.
