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Rising Home Values and Ownership Shifts in Zip Code 15697: A Decade of Change in Youngwood, Pennsylvania
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
Youngwood, located in zip code 15697 in Pennsylvania, is a small community with a rich history and evolving real estate market. Over the past decade, this area has experienced fluctuations in homeownership rates and average home prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Youngwood has shown some variability from 2013 to 2022. In 2013, the homeownership rate stood at 66%, reaching a peak of 71% in 2017 before settling at 64% in 2022. This trend generally aligns with changes in average home prices, which have seen a significant increase over the same period. In 2013, the average home price was $87,665, and by 2022, it had risen to $139,565, representing a substantial 59% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in Youngwood. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 66% to 70%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership, dropping from 71% in 2017 to 64% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Youngwood have shown an inverse relationship to homeownership rates, naturally. The proportion of renters increased from 29% in 2017 to 36% in 2022. Interestingly, average rent prices have not consistently followed this trend. In 2013, the average rent was $699, dropping to a low of $567 in 2017 before rising again to $678 in 2022. This fluctuation in rent prices, despite the increasing renter population, could be attributed to various factors including local economic conditions and housing supply.
Looking at the most recent data, the average home price in Youngwood continued to rise, reaching $140,855 in 2023 and $144,737 in 2024. This represents a modest increase of 2.8% from 2022 to 2023 and a further 2.8% from 2023 to 2024. Notably, federal interest rates have also increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued but moderate increase in average home prices in Youngwood. Based on the historical data and current market conditions, average home prices could potentially reach around $160,000 to $170,000 by 2029. For rent prices, the forecast suggests a gradual upward trend, potentially reaching an average of $800 to $850 per month in the next five years.
In summary, Youngwood has experienced notable changes in its real estate landscape over the past decade. The area has seen a substantial increase in average home prices, fluctuating homeownership rates, and variable rent prices. The recent rise in interest rates may pose challenges to homeownership growth, but the steady increase in home values suggests ongoing demand in the area. As the community continues to evolve, these trends will likely shape the future of Youngwood's housing market.
