The renter population in zip code 15024 has fluctuated between 18% and 21% from 2013 to 2022. Average rent prices have shown some variability during this period. In 2013, the average rent was $893, which remained relatively stable until 2020 when it increased to $905. A significant jump occurred in 2021, with average rent reaching $1,111, before dropping back to $901 in 2022. This fluctuation in rent prices, particularly the spike in 2021, could be attributed to various factors including changes in local housing demand or broader economic conditions.

Looking at more recent data, the average home price in zip code 15024 continued its upward trajectory, reaching $219,861 in 2023 and further increasing to $227,767 in 2024. This represents a 4.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in this area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15024 will continue to rise, potentially reaching around $260,000 to $270,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching $950 to $1,000 per month by 2029, assuming no major economic disruptions.

In summary, zip code 15024 demonstrates a stable housing market with consistently high homeownership rates and steadily increasing average home prices. The area has shown resilience to fluctuations in federal interest rates, maintaining strong property values. While rent prices have been more volatile, they have generally remained within a manageable range for the local population. The continued rise in home prices, even in the face of higher interest rates, indicates sustained demand and potential for further growth in this suburban Pennsylvania community.