Loading Content...
Zip Code 15033: Shifting Home Values and Ownership in Donora, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15033, located in Donora, Pennsylvania, has experienced significant shifts in homeownership and housing prices over the past decade. This area has seen a notable decline in population, dropping from 5,003 residents in 2010 to 4,541 in 2022, which has influenced the local housing market dynamics.
The homeownership rate in zip code 15033 has experienced a substantial decline from 2013 to 2022. In 2013, 64% of residents owned their homes, but by 2021, this figure had dropped to 47%. However, there was a slight rebound in 2022, with homeownership increasing to 54%. Interestingly, this trend correlates inversely with average home prices in the area. The average home price in 2013 was $32,518, and it remained relatively stable until 2017. From 2018 onwards, there was a significant uptick in average home prices, reaching $48,854 in 2022, despite the overall decline in homeownership rates.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively stable, hovering around 70%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline more rapidly, reaching 52% by 2019. This trend suggests that rising interest rates may have contributed to the decrease in homeownership, possibly by making mortgages less affordable for potential buyers.
Renter percentages in zip code 15033 have generally increased as homeownership rates declined. In 2013, 36% of residents were renters, and this percentage grew to 53% by 2021, before slightly decreasing to 46% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $638, which dropped to $456 in 2016 before rising significantly to $781 in 2020. By 2022, the average rent had slightly decreased to $763. The increase in renter percentages, coupled with rising rent prices, suggests a growing demand for rental properties in the area, possibly due to the declining population and shifts in housing affordability.
In 2023 and 2024, the housing market in zip code 15033 showed some interesting developments. The average home price in 2023 was $45,130, a decrease from the 2022 price of $48,854. However, in 2024, the average home price increased to $47,903, indicating a potential recovery in the housing market. It's worth noting that federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 15033 may continue to rise moderately over the next five years, potentially reaching around $52,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections are based on current trends and economic factors, but actual outcomes may vary depending on local and national economic conditions.
In summary, zip code 15033 has experienced a significant shift from homeownership to renting over the past decade, with homeownership rates declining and average home prices increasing. The area has also seen volatility in rent prices and a decrease in population. Recent data from 2023 and 2024 suggests a potential stabilization in the housing market, with home prices showing signs of recovery despite rising interest rates. The future of this housing market will likely depend on how these trends continue to evolve and interact with broader economic factors.
