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Rising Home Values and Shifting Ownership in Zip Code 15026: A Decade of Change in Clinton, 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
Zip code 15026, located in Clinton, Pennsylvania, presents an interesting case study of housing trends over the past decade. This area has experienced notable shifts in homeownership rates and property values, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 15026 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted a high 91% homeownership rate. However, by 2022, this figure had decreased to 81%. Despite this decline, the average home prices in the area have steadily increased. In 2013, the average home price was $197,508, and by 2022, it had risen to $282,795, representing a significant 43% increase over this period.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 88-89%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates dipped to 83-85%. This trend suggests that higher interest rates may have made homeownership less attainable for some residents.
Conversely, the percentage of renters in zip code 15026 has increased from 9% in 2013 to 19% in 2022. This rise in renters coincides with an increase in average rent prices. In 2013, the average rent was $606, which grew to $813 by 2022, marking a 34% increase. The population fluctuated during this period, reaching a peak of 2,596 in 2020 before declining to 2,235 in 2022, which may have influenced rental demand and prices.
Looking at more recent data, the average home price in zip code 15026 slightly decreased from $282,795 in 2022 to $282,209 in 2023. However, it rebounded strongly to $298,608 in 2024, representing a 5.8% increase from the previous year. This rise occurs despite the federal interest rate jumping to 5.02% in 2023 and further to 5.33% in 2024, indicating strong local housing demand despite higher borrowing costs.
Applying predictive models to forecast trends for the next five years, we anticipate continued growth in average home prices, albeit at a more moderate pace. Average home prices could potentially reach around $330,000 to $350,000 by 2029, assuming consistent economic conditions and local market factors. For rent prices, the trend suggests a potential increase to approximately $900-$950 per month by 2029, factoring in historical growth rates and current market dynamics.
In summary, zip code 15026 has experienced a gradual shift from a predominantly homeowner community to one with an increasing renter population. Despite this trend, both average home prices and rent prices have shown significant growth over the past decade. The area demonstrates resilience in its housing market, with property values continuing to appreciate even in the face of higher interest rates. These trends suggest a dynamic and evolving housing landscape in Clinton, Pennsylvania, reflecting both local factors and broader economic influences.
