Zip Code 15110: Rising Home Values and Fluctuating Ownership Rates in Duquesne, PA
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 15110, located in Duquesne, Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a shift in the balance between owners and renters, along with fluctuations in property values and rental costs.
The ownership percentage in zip code 15110 has shown a slight decline from 2013 to 2020, followed by a modest increase in recent years. In 2013, the homeownership rate was 44%, which gradually decreased to 40% by 2020. However, there was a notable uptick to 45% in 2022. Concurrently, average home prices have demonstrated a strong upward trend. In 2013, the average home price was $21,604, which steadily increased to $37,255 by 2020, representing a 72% increase over seven years. This trend continued with a dramatic surge to $59,151 in 2022, more than doubling the 2013 value.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2020, when interest rates were historically low (ranging from 0.09% to 2.16%), homeownership rates actually decreased slightly. However, as interest rates began to rise more sharply in 2022 (1.68%), we saw a modest increase in homeownership rates. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 15110 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 56% in 2013 to 60% in 2020, before decreasing slightly to 55% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $711, which peaked at $751 in 2014 before gradually decreasing to $646 in 2020. There was a sharp increase to $739 in 2021, followed by a drop to $638 in 2022. These fluctuations in rent prices do not show a clear correlation with the percentage of renters, suggesting that other factors such as local economic conditions or housing supply may be influencing rental rates.
Looking at the most recent data, the average home price in zip code 15110 for 2023 was $51,262, showing a slight decrease from the 2022 peak. However, in 2024, the average home price has rebounded to $54,769. This recent trend coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in the area appear to be maintaining an upward trajectory.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 15110. Based on the historical data and recent trends, average home prices could potentially reach around $70,000 to $75,000 by 2029. For average rent prices, the forecast suggests a more moderate increase, potentially reaching $750 to $800 per month in the same timeframe.
In summary, zip code 15110 has experienced a notable increase in average home prices over the past decade, with a recent surge despite rising interest rates. The area has seen a slight shift towards renting, although this trend appears to be reversing in recent years. The disconnect between federal interest rates and local homeownership rates suggests that unique local factors are significantly influencing the housing market in this area. Moving forward, both home prices and rent prices are expected to continue their upward trend, albeit at different rates.
