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Zip Code 15014: Rising Home Values and Ownership Trends in Brackenridge
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 15014, located in Brackenridge, Pennsylvania, has experienced significant shifts in homeownership and housing prices over the past decade. This area, with its dense population of over 5,600 people per square mile, has seen notable fluctuations in both ownership percentages and average home values. The trend in homeownership rates in zip code 15014 has been volatile, with a general decline followed by a recent resurgence. In 2013, the homeownership rate stood at 68%, but it decreased to 60% by 2018. However, there has been a remarkable recovery in recent years, with the rate climbing back to 71% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. The average home price in the area rose from $63,597 in 2013 to $114,274 in 2022, representing an impressive 80% increase over this period.
When examining the relationship between federal interest rates and homeownership rates, we observe some interesting patterns. The period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with a decline in homeownership rates from 68% to 60%. However, as interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), we saw a stabilization in homeownership rates around 60-62%. Interestingly, the recent surge in homeownership to 71% in 2022 occurred despite a rise in interest rates to 1.68%, suggesting other factors may be influencing this trend.
The rental market in zip code 15014 has also experienced fluctuations. The percentage of renters increased from 29% in 2013 to a peak of 38% in 2018 and 2019, before declining to 29% in 2022. Average rent prices have shown a general upward trend, rising from $611 in 2013 to $673 in 2022, an increase of about 10%. It's worth noting that the peak in average rent was $703 in 2018, coinciding with the highest percentage of renters.
Looking at the most recent data, the average home price in zip code 15014 decreased slightly to $109,209 in 2023 but showed a modest recovery to $110,748 in 2024. This occurred against a backdrop of significantly higher interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15014 will continue to rise, potentially reaching around $125,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, we expect a more modest increase, potentially reaching approximately $725 by 2029, reflecting the slower growth rate observed in rental prices compared to home values.
In summary, zip code 15014 has demonstrated resilience in its housing market, with a strong recovery in homeownership rates and substantial growth in average home prices over the past decade. The recent surge in homeownership, despite rising interest rates, suggests a robust local demand for housing. The rental market has shown more moderate growth, with recent trends favoring homeownership. As we look to the future, the area is poised for continued growth in both home values and rental prices, albeit at potentially different rates.
