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Zip Code 15001: Home Values and Ownership Trends in Aliquippa, 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 15001, located in Aliquippa, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area, known for its rich industrial history, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local demographic changes.
The homeownership rate in zip code 15001 has remained relatively stable, hovering around 75% from 2013 to 2022. However, there have been subtle fluctuations within this period. In 2013, the homeownership rate was 75%, and it reached its peak of 76% in 2016. The rate then slightly decreased to 74% in 2017 and remained at that level until 2021, before returning to 75% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $104,493, and by 2022, it had risen to $160,466, representing a significant increase of 53.6% over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), the homeownership rate remained stable at 75%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, there was a slight decrease in homeownership to 74%. However, the impact seems limited, as the rate stabilized at this level despite further interest rate increases. This suggests that while interest rates play a role, other local factors may have a more significant influence on homeownership in this area.
Renter percentages in zip code 15001 have mirrored the homeownership trends, ranging from 24% to 26% between 2013 and 2022. The average rent prices have shown considerable volatility during this period. In 2013, the average rent was $847, which decreased to $776 in 2015. However, rent prices then began to climb, reaching $955 in 2018, a 23% increase from the 2015 low. By 2022, the average rent had slightly decreased to $950. These fluctuations in rent prices occurred against a backdrop of a gradually declining population, from 32,113 in 2013 to 31,906 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 15001 continues to evolve. The average home price in 2023 was $164,147, showing a 2.3% increase from 2022. In 2024, the average home price has further increased to $178,872, representing a significant 9% jump from the previous year. This substantial increase coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher rates, the local housing market appears to be experiencing robust growth in property values.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace. Average rent prices are also expected to increase, but may show more stability compared to home prices. These predictions are based on historical trends and current market conditions, including the interplay between interest rates, population dynamics, and local economic factors.
In summary, zip code 15001 has maintained a relatively stable homeownership rate around 75%, while experiencing significant growth in average home prices. The rental market has shown more volatility in pricing, influenced by population changes and broader economic factors. The recent sharp increase in home prices, despite rising interest rates, indicates a strong local housing market. These trends suggest a complex interplay of factors shaping the housing landscape in this Pennsylvania community.
