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Zip Code 15084: Rising Home Values and Ownership Trends in Tarentum, 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 15084, located in Tarentum, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, while average rent prices have fluctuated.
The ownership percentage in zip code 15084 has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate was 67%, which increased to 75% by 2022. This 8 percentage point increase coincided with a substantial rise in average home prices. The average home price in 2013 was $82,674, which steadily climbed to $142,069 by 2022, representing a 71.8% increase over this period. This correlation suggests that as property values increased, more residents may have been motivated to invest in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15084. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 64% to 67%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a notable increase in homeownership rates, climbing to 75% in 2022. This trend contradicts the typical expectation that higher interest rates discourage homeownership, suggesting other local factors may have influenced this pattern.
Renter percentages in zip code 15084 have generally decreased as homeownership rates increased. In 2013, the renter-occupied percentage was 33%, which declined to 25% by 2022. Interestingly, average rent prices have shown an overall upward trend despite the decreasing renter population. The average rent price rose from $785 in 2013 to $809 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $891, before dropping slightly in 2022. This trend suggests that despite fewer renters, demand for rental properties remained strong enough to support higher rents.
Looking at the most recent data, the average home price in zip code 15084 decreased slightly to $139,089 in 2023 but is projected to rise to $144,597 in 2024. This represents a 4% increase from 2023 to 2024. Concurrently, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15084 will continue to rise, potentially reaching around $160,000 by 2029. This projection is based on the overall upward trend observed in the historical data and assumes relatively stable economic conditions. For average rent prices, we predict a moderate increase, potentially reaching approximately $950 by 2029, considering the historical growth rate and accounting for potential market fluctuations.
In summary, zip code 15084 has experienced a significant increase in homeownership rates and average home prices over the past decade, despite rising interest rates. The area has also seen a general upward trend in average rent prices, even as the proportion of renters decreased. These trends suggest a strong local housing market with growing property values and sustained demand for both owned and rental properties.
