Loading Content...
Rising Home Values and Ownership Rates in Zip Code 15920: Armagh's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15920, located in Armagh, Pennsylvania, has experienced significant changes in homeownership rates and housing market dynamics over the past decade. This small community has seen a remarkable shift towards homeownership in recent years, coupled with fluctuations in average home prices and rent rates. Homeownership rates in zip code 15920 have shown a strong upward trend, particularly from 2020 to 2022. The percentage of owner-occupied homes increased from 89% in 2020 to an impressive 95% in 2022. This substantial rise in homeownership coincided with changes in average home prices. The average home price in the area rose from $118,153 in 2020 to $138,025 in 2022, representing a 16.8% increase over two years. This trend suggests a growing preference for homeownership in the community, possibly driven by the perceived value of real estate investments.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the federal interest rate increasing from 0.08% in 2021 to 1.68% in 2022, the homeownership rate continued to climb from 93% to 95%. This trend contradicts the typical expectation that higher interest rates might discourage homeownership. It suggests that other local factors, such as community preferences or economic conditions, may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Conversely, the renter population in zip code 15920 has seen a significant decline. The percentage of renter-occupied homes dropped from 11% in 2020 to just 5% in 2022. This decrease in renters occurred despite fluctuations in average rent prices. The average rent increased from $859 in 2020 to $923 in 2021, before decreasing to $865 in 2022. The declining renter population, despite relatively stable rent prices, further underscores the strong shift towards homeownership in this community.
In 2023 and 2024, the housing market in zip code 15920 continued to evolve. The average home price rose to $143,656 in 2023 and further increased to $147,257 in 2024, representing a 6.7% growth over two years. This steady appreciation in home values occurred despite the federal interest rate rising significantly to 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient housing market in the area, with home values continuing to rise even in a high-interest-rate environment.
Looking ahead, predictive models suggest that the upward trend in average home prices in zip code 15920 is likely to continue, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $160,000 to $165,000, assuming current economic conditions persist. Rent prices, which have shown some volatility, may stabilize or see modest increases, potentially reaching an average of $900 to $950 per month in the same period.
In summary, zip code 15920 has demonstrated a strong trend towards homeownership, with a significant increase in owner-occupied homes and a concurrent rise in average home prices. This trend has persisted even in the face of rising interest rates, indicating strong local demand for homeownership. The declining renter population and fluctuating rent prices further highlight the community's shift towards a predominantly owner-occupied housing market. As the area continues to evolve, it will be interesting to observe how these trends shape the future of this Pennsylvania community.
