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Rising Home Values and Ownership Trends in Zip Code 15412: Allenport's Decade of Change
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 15412, located in Allenport, Pennsylvania, has experienced notable shifts in homeownership and housing prices over the past decade. This small community, with a population of 403 in 2022, has seen fluctuations in both ownership percentages and average home prices, while rental rates and costs have also shown interesting trends.
The homeownership rate in zip code 15412 has generally remained high, with some fluctuations. In 2013, the ownership rate was 74%, and it reached a peak of 78% in 2018 and 2021. However, by 2022, it had decreased to 71%. This trend correlates interestingly with average home prices in the area. From 2013 to 2022, average home prices increased steadily from $68,577 to $98,761, representing a significant 44% increase over the decade. Despite this rise in home prices, the ownership rate remained relatively stable until the recent decline in 2022.
Federal interest rates have played a role in shaping homeownership trends in zip code 15412. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in the area increased from 74% to 77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership, dropping to 71% in 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 15412 have shown an inverse relationship to homeownership rates, as expected. The renter population decreased from 25% in 2013 to 22% in 2018, before increasing to 28% in 2022. Interestingly, average rent prices have shown a steady upward trend despite these fluctuations. In 2013, the average rent was $599, which increased to $891 by 2022, representing a substantial 49% increase. This rise in rent prices occurred even as the population of the zip code decreased from 415 in 2013 to 403 in 2022, suggesting that factors beyond local population dynamics are influencing rental costs.
Looking at the most recent data, average home prices in zip code 15412 continued to rise, reaching $99,676 in 2023 and $106,463 in 2024. This represents a significant jump of 7.8% from 2022 to 2024. Simultaneously, federal interest rates have increased dramatically, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15412 will continue to rise, potentially reaching around $125,000 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 about $1,100 per month by 2029, assuming the current growth rate persists.
In summary, zip code 15412 has demonstrated resilience in homeownership rates despite rising home prices over the past decade. The recent decline in homeownership coincides with significant increases in both home prices and interest rates. Rent prices have shown a steady upward trend, outpacing the growth in home prices percentage-wise. The coming years may see continued pressure on homeownership rates due to rising home prices and higher interest rates, while rental costs are expected to maintain their upward trajectory.
