The renter population in zip code 15089 has grown from 20% in 2015 to 26% in 2022. Concurrently, average rent prices have increased from $662 in 2015 to $761 in 2022, a 15% rise. This trend suggests that as homeownership became less attainable for some residents, the demand for rental properties increased, driving up rental costs. The population in the zip code has remained relatively stable during this period, fluctuating between 6,867 and 7,280 residents, which indicates that the shift towards renting is likely due to economic factors rather than significant population changes.

In 2023 and 2024, the housing market in zip code 15089 continued to evolve. Average home prices reached $149,987 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $148,650, potentially indicating a cooling of the market. Interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slight decline in home prices.

Looking ahead, predictive models suggest that average home prices in zip code 15089 may continue to rise moderately over the next five years, albeit at a slower pace than observed in recent years. Average rent prices are also expected to increase, driven by ongoing demand for rental properties. However, the rate of increase for both home prices and rents may be tempered by higher interest rates and potential economic uncertainties.

In summary, zip code 15089 has experienced a gradual shift towards renting, with homeownership rates decreasing as average home prices and rent prices have risen. The interplay between federal interest rates, housing affordability, and rental demand has shaped these trends. As we move forward, the area is likely to see continued, but potentially slower, growth in both home prices and rents, with the balance between owners and renters remaining a key factor in the local housing market dynamics.