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Zip Code 15129: Rising Home Values and Strong Ownership in Jefferson Hills
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
Jefferson Hills, located in zip code 15129 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 10,573 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The relationship between homeownership rates and average home prices in Jefferson Hills shows an interesting trend. In 2013, the homeownership rate was 80%, with an average home price of $147,102. As average home prices steadily increased, reaching $249,054 in 2022, the homeownership rate experienced minor fluctuations, ultimately settling at 78% in 2022. This suggests a relatively stable homeownership market despite rising property values.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.40%, which generally encourages homeownership due to more affordable financing options. This aligns with the relatively high homeownership rates observed during this period, consistently remaining above 76%. However, as interest rates began to rise sharply in 2022 to 1.68%, we see a slight decrease in homeownership from 81% in 2021 to 78% in 2022.
Regarding rental trends, the percentage of renters in Jefferson Hills has remained relatively stable, ranging from 19% to 24% between 2013 and 2022. Average rent prices have shown an upward trend, increasing from $921 in 2013 to $1,096 in 2022, representing a 19% increase over this period. Notably, there was a significant jump in average rent from $1,014 in 2019 to $1,183 in 2021, possibly influenced by broader economic factors and changes in housing demand.
In 2023 and 2024, the housing market in Jefferson Hills continued to evolve. The average home price reached $257,948 in 2023 and further increased to $265,118 in 2024, showing a consistent upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.
Looking ahead, predictive models suggest a continued increase in both average home prices and rent prices over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $300,000 by 2029. Similarly, average rent prices are expected to continue rising, possibly surpassing $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Jefferson Hills (zip code 15129) has maintained a relatively stable homeownership rate despite rising home prices. The inverse relationship between federal interest rates and homeownership rates is evident, particularly in recent years. Rental markets have shown steady growth in prices, with a notable spike in 2021. The continued rise in both home prices and interest rates in 2023 and 2024 suggests a changing landscape for both buyers and renters in this area, with predictions indicating further increases in both home values and rental costs over the next five years.
