Conversely, the percentage of renters in zip code 17307 has decreased from 26% in 2015 to 17% in 2022. Despite this decline, average rent prices have shown some volatility. The average rent increased from $935 in 2015 to $1,024 in 2021, before decreasing to $901 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a shifting dynamic in the local rental market, possibly influenced by the strong trend towards homeownership.

Looking at the most recent data, the average home price in zip code 17307 reached $275,467 in 2023 and further increased to $282,516 in 2024, continuing the upward trend. However, it's worth noting that federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may impact future homeownership trends and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17307 will continue to rise, potentially reaching around $320,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,100 per month by 2029, as the rental market adjusts to changing demand and economic conditions.

In summary, zip code 17307 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The area has benefited from low interest rates in the past, which fueled the housing market growth. However, recent increases in interest rates may moderate future growth. The rental market has shown some volatility but appears to be stabilizing. Moving forward, we expect continued growth in home values, albeit at a potentially slower rate, and a gradual increase in rental prices as the market adapts to changing economic conditions and housing preferences in the area.