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Zip Code 15045: Rising Home Values and Stable Ownership in Glassport, 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 15045, located in Glassport, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area, with a population of 4,487 in 2022, has seen fluctuations in both owner-occupied housing and rental markets, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 15045 has shown resilience with some fluctuations. In 2013, 66% of housing units were owner-occupied. This rate decreased to 61% in 2015 but rebounded to 70% by 2019. As of 2022, the homeownership rate stood at 68%. Concurrently, average home prices have demonstrated a significant upward trend. In 2013, the average home price was $43,661, which steadily increased to $54,472 by 2019. The market then experienced a substantial surge, with average home prices reaching $85,120 in 2022, representing a 95% increase from 2013 to 2022.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. This coincided with a slight decrease in homeownership, possibly due to other economic factors outweighing the benefits of low borrowing costs. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in zip code 15045 actually increased. This suggests that local factors, such as job market improvements or demographic shifts, may have had a more significant impact on homeownership than national interest rate trends during this period.
The rental market in zip code 15045 has also experienced notable changes. The percentage of renter-occupied housing units increased from 34% in 2013 to 39% in 2015, before decreasing to 30% in 2019 and settling at 32% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $680, which increased to $748 in 2019. However, by 2022, average rent had decreased to $656, representing a 12.3% decrease from the 2019 peak. This trend in rent prices, coupled with the fluctuations in the renter population, suggests a complex interplay of factors affecting the local rental market.
In 2023 and 2024, the housing market in zip code 15045 showed signs of stabilization after the rapid growth seen in previous years. The average home price in 2023 was $80,630, a slight decrease from 2022, but still significantly higher than pre-2020 levels. In 2024, the average home price increased slightly to $82,814. Interestingly, this occurred despite a substantial increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the area, potentially driven by local economic factors or demographic changes.
Looking ahead, predictive models suggest that average home prices in zip code 15045 may continue to rise moderately over the next five years, albeit at a slower pace than seen in the 2020-2022 period. This projection is based on the area's historical price trends and the current economic climate. Average rent prices are expected to stabilize and potentially see modest increases, aligning with the overall housing market trends and local economic conditions.
In summary, zip code 15045 has demonstrated a robust housing market with increasing homeownership rates and significant appreciation in average home values over the past decade. The rental market has shown more volatility, with fluctuating occupancy rates and rent prices. The area's resilience in maintaining strong home values despite rising interest rates in recent years indicates a potentially strong local economy and desirable living conditions. These trends suggest that Glassport may continue to be an attractive area for both homeowners and investors in the coming years.
