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Rising Home Values and Stable Ownership in Zip Code 15845: Johnsonburg's Resilient Housing Market
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 15845, located in Johnsonburg, Pennsylvania, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with average home prices showing an upward trend in recent years, while average rent prices have displayed more variability.
The homeownership rate in zip code 15845 has remained relatively stable, fluctuating between 73% and 77% from 2013 to 2022. In 2013, the homeownership rate was 76%, and by 2022, it stood at 77%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $50,754, which increased to $63,875 by 2022, representing a 25.9% increase over nine years. This trend suggests a positive correlation between homeownership rates and rising home values in the area.
Federal interest rates have played a role in homeownership trends in zip code 15845. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 74-76%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), there was a slight increase in homeownership, reaching 77% in 2019. This could indicate that local residents were motivated to purchase homes before interest rates potentially increased further.
Renter percentages in zip code 15845 have shown slight fluctuations, ranging from 23% to 27% between 2013 and 2022. The average rent prices have been somewhat volatile during this period. In 2013, the average rent was $470, which increased to $557 by 2019, representing an 18.5% increase. However, there was a significant drop to $456 in 2021, followed by an increase to $515 in 2022. These fluctuations in rent prices don't show a clear correlation with the relatively stable renter percentages, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices more significantly.
Looking at the most recent data, the average home price in zip code 15845 continued to rise, reaching $64,620 in 2023 and $68,038 in 2024. This represents a 6.5% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15845 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 $75,000 to $80,000. For average rent prices, considering the historical volatility, we predict a more modest increase, potentially reaching around $550 to $600 by 2029.
In summary, zip code 15845 has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing average home prices. Despite fluctuations in average rent prices and recent increases in interest rates, the area's housing market appears to remain robust. The continued rise in home values, even in the face of higher interest rates, suggests ongoing demand for homeownership in this Pennsylvania borough.
