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Zip Code 15135: Rising Home Values and Fluctuating Ownership in Greenock, 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 15135, located in Greenock, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in its population, with a general trend of slight decline, while average home prices have shown a consistent upward trajectory.
The homeownership rate in zip code 15135 has fluctuated over the years, with a general downward trend from 2013 to 2018, followed by a recovery. In 2013, the homeownership rate was 79%, which declined to a low of 68% in 2018. However, by 2022, it had rebounded to 77%. Interestingly, this trend somewhat mirrors the changes in average home prices. The average home price in 2013 was $109,569, which steadily increased to $186,628 by 2022, representing a substantial 70% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates initially declined but then stabilized. When interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates initially dropped but then started to recover. This suggests that while interest rates play a role, other local factors also influenced homeownership trends in this area.
Renter percentages in zip code 15135 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 21% in 2013 to a peak of 32% in 2018, before declining to 23% in 2022. Average rent prices have been relatively volatile during this period. In 2013, the average rent was $771, which increased to $791 in 2014 but then showed a general downward trend, reaching $716 in 2018. However, by 2021, average rent had risen sharply to $862, before decreasing again to $758 in 2022. These fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have played a significant role.
In 2023 and 2024, the average home prices in zip code 15135 continued to rise, reaching $187,127 in 2023 and $192,038 in 2024. This represents a modest increase of 2.9% from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead to the next five years, based on the historical trends and current market conditions, we can expect average home prices in zip code 15135 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. A conservative estimate would suggest average home prices could reach around $210,000 to $220,000 by 2029. Rent prices, which have shown more volatility, are harder to predict but may stabilize or show modest increases, potentially reaching an average of $800 to $850 per month by 2029.
In summary, zip code 15135 has demonstrated resilience in its housing market, with recovering homeownership rates and steadily increasing average home prices despite population fluctuations. The interplay between interest rates, homeownership, and housing prices highlights the complex dynamics at work in this local real estate market. The area's ability to maintain relatively stable homeownership rates while experiencing significant home price appreciation suggests a robust local housing market with potential for continued growth in the coming years.
