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Zip Code 15050: Rising Home Values and High Ownership Rates Near Beaver Valley Nuclear Power Station
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 15050, located in Shippingport, Pennsylvania, presents an interesting case study of homeownership and housing market trends. This area has maintained consistently high homeownership rates over the past decade, with average home prices showing a general upward trajectory despite some fluctuations.
The homeownership rate in zip code 15050 has remained remarkably stable, hovering around 90% for most of the observed period. In 2013, the homeownership rate was 87%, which increased to 90% in 2014 and maintained this level through 2017. There was a slight dip to 89% in 2018 and 2019, before rising to 93% in 2020, the highest recorded rate. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $153,177, which rose to $187,963 by 2018, representing a 22.7% increase over five years. This trend suggests a strong correlation between stable homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2015, interest rates remained extremely low, ranging from 0.11% to 0.13%. During this period, homeownership rates in zip code 15050 remained stable at around 87-90%. As interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates in the area remained resilient, suggesting that other local factors may have a stronger influence on homeownership in this particular zip code.
Renter percentages in zip code 15050 have been consistently low, reflecting the inverse of the high homeownership rates. The renter-occupied rate was 13% in 2013 and 2015, dropping to 10% for several years before reaching a low of 7% in 2020. Average rent prices have shown some volatility over this period. In 2013, the average rent was $966, which decreased significantly to $724 in 2014. Rent prices then gradually increased, reaching $800 in 2017 before fluctuating in subsequent years. By 2021, the average rent had risen to $962, nearly returning to the 2013 level. These fluctuations in rent prices don't seem to have significantly impacted the overall low percentage of renters in the area.
In 2023, the average home price in zip code 15050 was $213,502, showing a slight decrease from the 2022 price of $216,816. However, 2024 has seen a significant jump in average home prices to $234,969, a 10% increase from the previous year. This increase coincides with a rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Looking ahead, predictive models suggest that average home prices in zip code 15050 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, reflecting the area's consistent demand for housing and low renter population.
In summary, zip code 15050 demonstrates a housing market characterized by high homeownership rates, steadily increasing average home prices, and relatively stable rent prices. The area has shown resilience to fluctuations in federal interest rates, maintaining strong homeownership levels even as rates have risen in recent years. The significant jump in average home prices in 2024, despite high interest rates, suggests a robust local housing market with potential for continued growth in the coming years.
