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Rising Home Values and Shifting Ownership in Zelienople, Pennsylvania: A Decade of Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zelienople, located in Pennsylvania, is a small community with a rich history dating back to its founding in 1802. The town, known for its charming downtown and annual Horse Trading Days festival, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in Zelienople. The homeownership rate in Zelienople has shown a significant decline from 2017 to 2022. In 2017, 62% of residents owned their homes, but by 2022, this figure had dropped to 48%. Conversely, the average home prices in the borough have steadily increased during this period. In 2017, the average home price was $253,778, and by 2022, it had risen to $334,339, representing a substantial increase of 31.7% over five years.
The relationship between federal interest rates and homeownership rates in Zelienople appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the homeownership rate in Zelienople was relatively stable, ranging from 52% to 60%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Zelienople declined significantly, dropping from 62% in 2017 to 48% in 2022.
Renter percentages in Zelienople have shown an inverse relationship to homeownership rates, increasing from 38% in 2017 to 52% in 2022. Interestingly, despite this increase in renters, the average rent prices have fluctuated. In 2017, the average rent was $961, which increased to $1,136 in 2016 but then decreased to $954 by 2022. This trend suggests that while more residents are renting, the rental market has remained relatively competitive, possibly due to increased housing supply or economic factors affecting the local population.
Looking at the most recent data, the average home price in Zelienople continued to rise in 2023, reaching $341,301, and further increased to $348,067 in 2024. This represents a 4.1% increase from 2022 to 2024. Notably, federal interest rates have also significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the borough.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Zelienople 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 more moderate increase, potentially reaching an average of around $1,100 per month by 2029, considering the historical fluctuations and recent stabilization in rental rates.
In summary, Zelienople has experienced a significant shift from homeownership to renting over the past decade, with homeownership rates declining from 62% to 48% between 2017 and 2022. Despite this trend, average home prices have consistently increased, rising by 31.7% from 2017 to 2022. The rental market has shown more volatility in pricing, but with an overall trend towards stabilization. The recent sharp increase in federal interest rates to 5.33% in 2024 may continue to influence homeownership patterns in the coming years. These trends suggest a changing housing landscape in Zelienople, with potential implications for future development and community planning.
