Rising Home Values and Shifting Ownership Patterns in Zip Code 16143: Frizzleburg's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
In zip code 16143, Frizzleburg, Pennsylvania, we observe interesting trends in homeownership rates and housing prices over the past decade. This small community has experienced shifts in its real estate landscape, reflecting broader economic changes and local market dynamics.
The homeownership rate in Frizzleburg has remained relatively stable, with slight fluctuations over the years. In 2013, the area boasted an 84% homeownership rate, which dipped to 78% in 2019 and 2020 before rebounding to 80% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2014, the average home price was $125,309, which increased to $197,392 by 2022, representing a substantial 57.5% growth over eight years.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with the highest homeownership rates in Frizzleburg, peaking at 84% in 2013 and 2015. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observed a slight decline in homeownership to 78%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Frizzleburg have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 16% in 2013 to 22% in 2019 and 2020, before settling at 20% in 2022. Average rent prices have exhibited volatility, with significant fluctuations. In 2013, the average rent was $730, which decreased to $574 in 2015. However, rent prices then surged, reaching $912 in 2021 before dropping to $723 in 2022. These fluctuations may be attributed to changes in local economic conditions and housing supply.
Looking at the most recent data, average home prices in zip code 16143 continued to rise, reaching $203,478 in 2023 and $210,208 in 2024. This represents a 3% increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Frizzleburg will continue to rise, albeit at a potentially slower rate due to higher interest rates. Projections suggest average home prices could reach approximately $235,000 to $245,000 by 2029. Rent prices are expected to stabilize and gradually increase, potentially reaching an average of $800 to $850 per month by 2029, assuming local economic conditions remain stable.
In summary, Frizzleburg has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily appreciating home values. The interplay between federal interest rates, homeownership, and housing prices highlights the complex dynamics of the local real estate market. As the community moves forward, it will be crucial to monitor these trends and their impact on housing affordability and community demographics.
