Renter percentages in zip code 14615 have inversely mirrored the homeownership trend, decreasing from 50% in 2019 to 45% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2019, the average rent was $936, which increased to $1,009 in 2020, before decreasing to $945 in 2022. This fluctuation in rent prices, combined with the increasing home values, may have influenced some renters to pursue homeownership, especially during periods of low interest rates.

Looking at the most recent data, the average home price in zip code 14615 reached $161,259 in 2023 and further increased to $169,605 in 2024. This represents a 10% increase from 2022 to 2024, indicating a continued strong housing market in the area. However, it's important to note that federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the zip code.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 14615 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $200,000 to $220,000, assuming a moderated growth rate of 3-5% annually. Average rent prices are expected to increase as well, potentially reaching $1,100 to $1,200 per month by 2029, reflecting a steady 2-3% annual increase.

In summary, zip code 14615 has demonstrated resilience in its housing market, with increasing homeownership rates and rising property values. The interplay between federal interest rates, home prices, and rent costs has shaped the local real estate landscape. As the area continues to evolve, it will be crucial to monitor how these trends impact housing affordability and community dynamics in the coming years.