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Zip Code 15083: Rising Home Values and Ownership in Sutersville, 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 15083, located in Sutersville, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This small community has seen a significant increase in homeownership, coupled with fluctuating average home and rent prices.
The ownership percentage in zip code 15083 has shown a steady upward trend, rising from 81% in 2013 to an impressive 92% in 2022. This increase in homeownership coincided with a general upward trend in average home prices. In 2013, the average home price was $109,239, which grew to $147,089 by 2022, representing a 34.6% increase over this period. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $129,903 to $144,923, a 11.6% increase.
Federal interest rates have played a role in homeownership trends in zip code 15083. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the increase in homeownership. As interest rates remained low, financing became more accessible, potentially encouraging more residents to purchase homes. This is evident in the consistent rise in homeownership percentage during this period.
Conversely, the renter percentage in zip code 15083 has decreased from 19% in 2013 to 8% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $810, which increased to $980 by 2022, representing a 21% rise. Interestingly, there were fluctuations in rent prices during this period, with a notable dip to $643 in 2015 before climbing again. The population of the zip code remained relatively stable during this time, ranging from 900 in 2013 to 903 in 2022, suggesting that changes in rent prices were not primarily driven by population shifts.
In 2023 and 2024, the average home prices in zip code 15083 experienced a slight decline followed by a modest increase. The average home price in 2023 was $138,013, a 6.2% decrease from 2022. However, in 2024, the price slightly rebounded to $138,466. This period also saw a significant increase in federal interest rates, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may have contributed to the initial dip in home prices as higher borrowing costs typically cool the housing market.
Looking ahead, predictive models suggest that average home prices in zip code 15083 may continue to show modest growth over the next five years, potentially reaching around $150,000 by 2029. Average rent prices are also expected to maintain an upward trajectory, possibly approaching $1,100 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 15083 has demonstrated a strong trend towards homeownership, with a substantial increase in the percentage of owner-occupied homes. This trend has been accompanied by overall growth in average home prices, despite recent fluctuations. The rental market, while shrinking in terms of percentage, has seen an increase in average rent prices. The interplay between federal interest rates, homeownership rates, and property values continues to shape the housing landscape in this Pennsylvania community.
