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Zip Code 15061: Rising Home Values and Shifting Ownership in Monaca, 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 15061, located in Monaca, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 13,675 in 2022, has seen fluctuations in both the real estate market and rental sector, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 15061 has shown a gradual decline from 2013 to 2022. In 2013, 74% of residents owned their homes, but by 2022, this figure had decreased to 70%. This downward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $111,907, which rose steadily to reach $169,513 by 2022, representing a 51.5% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $146,368 to $162,815, a 11.2% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15061. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable at 74-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, we observe a corresponding decline in homeownership rates to 71% by 2019. This trend suggests that rising interest rates may have made home purchases less affordable for some residents.
The rental market in zip code 15061 has shown an inverse relationship to homeownership trends. As the percentage of homeowners decreased, the proportion of renters increased from 24% in 2013 to 30% in 2022. Interestingly, despite this increase in renter population, average rent prices have fluctuated without a clear upward trend. In 2013, the average rent was $838, which decreased to $776 by 2019, before rising again to $817 in 2022. This suggests that local rental market conditions may be influenced by factors beyond simple supply and demand dynamics.
Looking at the most recent data, the average home price in zip code 15061 reached $173,073 in 2023 and further increased to $186,894 in 2024, representing a significant 7.9% year-over-year growth. This surge in home prices occurred despite a sharp increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. This suggests a strong local housing market that has continued to appreciate even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15061 will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of around $875 per month by 2029, assuming a continuation of the slight upward trend seen in recent years.
In summary, zip code 15061 has experienced a gradual shift from homeownership to renting, with a corresponding increase in average home prices. The area has shown resilience in its housing market, with prices continuing to rise even amidst fluctuating interest rates. The rental market has remained relatively stable in terms of pricing, despite an increase in the renter population. These trends point to a dynamic real estate environment in Monaca, Pennsylvania, with potential for continued growth in both the homeownership and rental sectors.
