Zip code 15205, located in Pittsburgh, Pennsylvania, has demonstrated a resilient housing market over the past decade, characterized by stable homeownership rates and significant increases in property values. From 2013 to 2022, the homeownership rate in this area remained relatively consistent, fluctuating between 61% and 63%. Despite this stability, average home prices saw a substantial increase during this period, rising from $114,830 in 2013 to $197,825 in 2022, representing a 72.3% increase over nine years. This trend suggests that while the proportion of homeowners remained steady, the value of owned properties appreciated significantly.

The relationship between federal interest rates and homeownership rates in zip code 15205 is less pronounced than one might expect. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate did not show a significant increase. In fact, it slightly decreased from 63% in 2013 to 61% in 2022. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area than interest rates alone.

Rental trends in zip code 15205 show an interesting pattern. The percentage of renters increased slightly from 37% in 2013 to 39% in 2022. Correspondingly, average rent prices rose from $834 in 2013 to $983 in 2022, an increase of 17.9%. The population also grew during this period, from 21,800 in 2013 to 23,329 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.