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Zip Code 15012: Stable Homeownership Amidst Rising Average Home Values in Lynnwood-Pricedale, 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 15012, located in Lynnwood-Pricedale, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 15,429 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15012 has shown a slight downward trend over the years. In 2013, the area boasted a 78% homeownership rate, which remained relatively stable until 2019. However, there was a noticeable decline to 74% by 2022. This shift coincided with a significant increase in average home prices. From 2013 to 2022, average home prices in the area rose from $121,373 to $185,164, representing a substantial 52.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. The period from 2013 to 2016 saw relatively stable homeownership rates around 76-78%, coinciding with historically low interest rates below 0.5%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates to 74%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 15012 have shown a corresponding increase as homeownership rates declined. The renter-occupied housing units rose from 21% in 2013 to 26% in 2022. This shift occurred alongside fluctuations in average rent prices. Average rent increased from $664 in 2013 to a peak of $824 in 2018, before settling at $728 in 2022. The population in the area decreased slightly during this period, from 16,430 in 2013 to 15,429 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 15012 reached $181,947 in 2023 and slightly increased to $181,995 in 2024. This represents a marginal growth of 0.03% from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting housing affordability and market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in average home prices in zip code 15012. Based on historical data and current market conditions, average home prices could potentially reach around $200,000 by 2029. For average rent prices, the forecast suggests a gradual upward trend, potentially reaching approximately $800 per month by 2029, assuming stable economic conditions and continued population trends in the area.
In summary, zip code 15012 has experienced a gradual shift towards more renter-occupied housing units over the past decade, alongside substantial increases in average home prices. The area has shown resilience in its housing market, with home values appreciating significantly despite slight population decreases. The recent stabilization of home prices in 2023-2024, coupled with rising interest rates, suggests a potential cooling of the market, but long-term trends indicate continued, albeit more moderate, growth in both home values and rental prices.
