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Zip Code 15076: Rising Home Values and Strong Ownership in Russellton, 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 15076, located in Russellton, Pennsylvania, presents an intriguing case study of homeownership and housing market trends. This area has experienced significant fluctuations in its ownership percentages and average home prices over the past decade, while average rent prices have shown a more volatile pattern.
The homeownership rate in zip code 15076 has demonstrated a general upward trend, increasing from 71% in 2013 to 78% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $73,667, which steadily climbed to reach $135,266 by 2022, representing an impressive 83.6% increase over nine years. This parallel growth suggests a strong correlation between rising home values and the community's increasing propensity for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in zip code 15076 increased from 71% to 84%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight moderation in homeownership rates, settling at 78% in 2022.
The renter population in zip code 15076 has experienced a corresponding decline as homeownership increased. The percentage of renters decreased from 29% in 2013 to 22% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. Starting at $1,105 in 2013, rents peaked at $1,178 in 2015 before experiencing a significant drop to $726 in 2019. However, by 2022, average rents had rebounded to $863. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex interplay of factors affecting the rental market in this area.
Looking at the most recent data, average home prices in zip code 15076 reached $133,059 in 2023 and further increased to $140,876 in 2024. This represents a continued upward trend in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15076 will continue to rise, potentially reaching around $160,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially stabilizing around $950-$1,000 per month by 2029, considering the historical volatility and recent upward movement.
In summary, zip code 15076 has demonstrated a strong trend towards increased homeownership, accompanied by significant growth in average home prices. The area has shown resilience in its housing market, with home values appreciating substantially despite fluctuations in the rental market and rising interest rates. The interplay between federal interest rates, homeownership rates, and housing prices highlights the dynamic nature of this local real estate market.
