Loading Content...
Zip Code 15212: Pittsburgh's Evolving Housing Market Sees Average Home Values Double Over a Decade
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15212, located in Pittsburgh, Pennsylvania, covers an area of 6.13 square miles. This urban neighborhood has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade.
The ownership percentage in zip code 15212 has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 54%, which gradually decreased to 51% by 2022. During this same period, average home prices in the area have seen a substantial increase. In 2013, the average home price was $79,967, which rose steadily to reach $175,665 by 2022, representing a remarkable 119.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at 53-54%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined slightly to 51%. This trend aligns with the general expectation that lower interest rates encourage homeownership due to more affordable financing options.
Renter percentages in zip code 15212 have shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 46% in 2013 to 49% in 2022. Average rent prices in the area have also increased during this period, albeit at a slower pace compared to home prices. In 2013, the average rent was $761, which increased to $877 by 2022, representing a 15.2% increase over nine years.
In 2023, the average home price in zip code 15212 slightly decreased to $172,662, marking a 1.7% decline from 2022. However, in 2024, the average home price has rebounded to $175,204, showing a 1.5% increase from 2023. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and further increasing to 5.33% in 2024. These higher interest rates may impact homeownership trends and affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 15212:
Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We can expect prices to reach approximately $200,000 to $220,000 by 2029.
Average rent prices are also expected to rise, potentially reaching $950 to $1,000 per month by 2029.
In summary, zip code 15212 has experienced a gradual shift towards renting, with homeownership rates declining slightly over the past decade. Average home prices have seen substantial growth, outpacing the increase in average rent prices. The recent rise in interest rates may continue to influence homeownership trends and housing affordability in the coming years. As the neighborhood evolves, it will be important to monitor these trends and their impact on the local housing market.
