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Zip Code 15116: Rising Home Values and Stable Ownership in Glenshaw, 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
Glenshaw, located in zip code 15116 in Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their relationships, providing insights into the local real estate market dynamics.
The homeownership rate in zip code 15116 has remained relatively stable, fluctuating between 88% and 90% from 2013 to 2022. Meanwhile, average home prices have shown a consistent upward trend. In 2013, the average home price was $165,424, which increased to $278,036 by 2022, representing a significant 68% growth over this period. This trend suggests a strong correlation between rising property values and maintained high homeownership rates in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained steady at around 88-90%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight increase in homeownership to 90% in 2019, possibly due to homebuyers rushing to secure mortgages before rates climbed further.
Renter percentages in zip code 15116 have shown small fluctuations, ranging from 10% to 12% between 2013 and 2022. Average rent prices have generally increased during this period, rising from $831 in 2013 to $1,140 in 2022, a 37% increase. Notably, there was a sharp rise in average rent from $831 in 2013 to $1,089 in 2015, a 31% jump in just two years. This increase coincided with a population growth from 15,287 in 2013 to 15,098 in 2015, suggesting increased housing demand may have driven up rental prices.
In 2023, the average home price in zip code 15116 reached $281,853, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $290,312, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values despite higher interest rates, which could potentially impact affordability for new homebuyers.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 15116 may continue to rise over the next five years, potentially reaching around $325,000 to $350,000 by 2029. Average rent prices could also see steady increases, potentially reaching $1,300 to $1,400 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 15116 has maintained a high homeownership rate despite rising average home prices. The area has experienced significant growth in property values and rental costs, with a relatively stable ratio of owners to renters. The resilience of homeownership rates in the face of increasing prices suggests a strong local real estate market and continued demand for housing in this Pennsylvania community.
