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Rising Home Values and Ownership in Zip Code 15237: Franklin Park's Housing Market Evolution
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
The zip code 15237, located in Franklin Park, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has shown a trend towards increased homeownership and rising property values, reflecting broader economic changes in the region.
Homeownership rates in zip code 15237 have seen a steady increase from 78% in 2013 to 80% in 2022. This upward trend in ownership coincides with a significant rise in average home prices. In 2013, the average home price was $199,386, which grew to $329,845 by 2022, representing a substantial 65.4% increase over nine years. This correlation suggests that as property values increased, more residents were motivated or able to invest in homeownership.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained stable at 78%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 80%. This could indicate that residents were eager to secure mortgages before rates potentially climbed higher.
Conversely, the percentage of renters in zip code 15237 has decreased slightly from 22% in 2013 to 20% in 2022. During this period, average rent prices have shown a consistent upward trend. In 2013, the average rent was $958, which increased to $1,236 by 2022, a 29% rise. This increase in rent prices, coupled with the growing population from 41,157 in 2013 to 43,413 in 2022, suggests a competitive rental market despite the slight decrease in the proportion of renters.
Looking at the most recent data, the average home price in zip code 15237 reached $337,226 in 2023 and further increased to $349,154 in 2024. This represents a continued upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15237 will continue to rise, potentially reaching around $400,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $1,500 per month by 2029, assuming the current growth rate persists.
In summary, zip code 15237 has demonstrated a clear trend towards increased homeownership and rising property values. The area has shown resilience in its housing market, with steady growth in both average home prices and rent costs. The relationship between interest rates and homeownership has been complex, with ownership rates increasing even as interest rates rose. These trends, combined with the area's growing population, suggest a robust and dynamic housing market in Franklin Park.
