Loading Content...
Rising Home Values and Shifting Ownership in Zip Code 15629: East Vandergrift's Housing Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Vandergrift, located in zip code 15629 in Pennsylvania, has experienced notable shifts in its housing landscape over the past decade. The area has seen fluctuations in homeownership rates, with a general trend towards decreased owner occupancy. Average home prices and average rent prices have shown an upward trajectory, particularly in recent years.
The homeownership rate in East Vandergrift has experienced an overall decline from 2013 to 2022. In 2013, the owner-occupied rate was 67%, which increased to a peak of 73% in 2016. However, this trend reversed sharply, dropping to 54% in 2019 before recovering slightly to 64% in 2022. This fluctuation in homeownership rates appears to have an inverse relationship with average home prices, which have been steadily increasing. The trend of decreasing homeownership suggests rising home values may have priced some residents out of the market.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016, when homeownership rates were highest, coincided with historically low interest rates ranging from 0.09% to 0.4%. This likely made mortgages more affordable, encouraging homeownership. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decrease in homeownership rates, suggesting that higher borrowing costs may have deterred potential buyers.
The renter population in East Vandergrift has shown an inverse trend to homeownership. The percentage of renters increased from 33% in 2013 to a peak of 46% in 2019, before settling at 35% in 2022. Average rent prices have generally increased over this period, rising from $699 in 2013 to $858 in 2022, representing a 22.7% increase. This upward trend in rent prices, coupled with the increasing renter population, suggests a growing demand for rental properties in the area, possibly due to the challenges of homeownership.
In 2023 and 2024, we see a continuation of these trends. The average home price in East Vandergrift reached $67,944 in 2023 and further increased to $69,368 in 2024, showing a 2.1% year-over-year growth. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates are likely to impact homeownership affordability and may continue to influence the balance between owners and renters in the community.
Looking ahead, predictive models suggest that average home prices in East Vandergrift are likely to continue their upward trajectory over the next five years, albeit at a moderate pace. Given the recent trend, we might expect average home prices to reach approximately $75,000 by 2029. Average rent prices are also projected to increase, potentially reaching around $950 per month in the same timeframe, assuming the current growth rate persists.
In summary, East Vandergrift has experienced a shift towards a higher proportion of renters over the past decade, with homeownership rates declining overall despite some fluctuations. This trend has occurred alongside rising average home prices and average rent prices. The interplay between federal interest rates, housing affordability, and demographic changes continues to shape the housing market in this Pennsylvania community.
