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Zip Code 15025: Jefferson Hills's Rising Home Values and Ownership Trends
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
Jefferson Hills, located in zip code 15025 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban area has seen a general trend of increasing homeownership and rising property values, accompanied by fluctuations in rental rates.
The homeownership rate in Jefferson Hills has shown a steady increase from 70% in 2013 to 76% in 2022. This upward trend coincides with a significant rise in average home prices, which grew from $87,434 in 2013 to $144,589 in 2022, representing a 65.4% increase over nine years. The most substantial annual growth in home prices occurred between 2020 and 2021, with a 17.3% jump from $115,912 to $135,994.
Federal interest rates appear to have influenced homeownership trends in the area. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the increasing homeownership rates. As interest rates remained low, more residents may have found homeownership financially feasible, explaining the rise from 70% ownership in 2013 to 76% in 2022.
Conversely, the percentage of renters in Jefferson Hills decreased from 30% in 2013 to 24% in 2022. Despite this decline, average rent prices showed a consistent upward trend, rising from $783 in 2013 to $1,006 in 2022, a 28.5% increase. This suggests that while fewer residents are renting, those who do are paying significantly more. The population growth from 17,243 in 2013 to 17,576 in 2022 may have contributed to the pressure on rental prices, even as more residents transitioned to homeownership.
In 2023 and 2024, the housing market in Jefferson Hills experienced a slight correction followed by renewed growth. The average home price dipped to $142,655 in 2023, a 1.3% decrease from 2022. However, it rebounded to $148,269 in 2024, setting a new high for the area. This occurred against the backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 15025 may continue to rise over the next five years, potentially reaching around $170,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe, reflecting the area's growing desirability and overall housing market trends.
In summary, Jefferson Hills has witnessed a clear trend towards increased homeownership and higher property values over the past decade. The interplay between low interest rates, rising home prices, and shifting rental dynamics has reshaped the local housing market. As the area continues to evolve, these trends are likely to have lasting impacts on the community's demographic and economic landscape.
