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Zip Code 15228: Rising Home Values and Stable Ownership in Bethel Park, PA
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 15228, located in Bethel Park, Pennsylvania, is a suburban area characterized by a stable housing market and a consistent preference for homeownership. Over the past decade, this area has experienced notable shifts in population, housing prices, and rental rates, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15228 has remained relatively stable, fluctuating between 71% and 74% from 2013 to 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $232,190, and it rose consistently year over year, reaching $371,389 in 2022. This represents a significant 59.9% increase over a nine-year period. The trend suggests a strong correlation between the stable homeownership rates and the appreciating home values in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 15228. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 71-72%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, peaking at 74% in 2017. This could be attributed to residents securing mortgages before further rate increases. The subsequent years saw a stabilization of homeownership at 72%, even as interest rates fluctuated dramatically, indicating a resilient local housing market.
Renter percentages in zip code 15228 have inversely mirrored homeownership rates, ranging from 26% to 29% between 2013 and 2022. Average rent prices have shown more volatility compared to home prices. In 2013, the average rent was $963, which increased to $988 in 2014 before dropping to $910 in 2016. Subsequently, rent prices rose steadily, reaching $1,122 in 2021 and slightly decreasing to $1,119 in 2022. This overall increase of 16.2% in average rent from 2013 to 2022 is less pronounced than the growth in home prices, potentially influencing the stable renter population.
In 2023 and 2024, the housing market in zip code 15228 continued its upward trajectory. The average home price increased to $383,364 in 2023 and further to $399,659 in 2024, representing a 7.6% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. The resilience of the housing market in the face of higher interest rates suggests strong local demand and limited housing supply.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices for zip code 15228 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $470,000 by 2029. Average rent prices are expected to grow at a slightly slower rate of 2-3% per year, potentially approaching $1,300 by 2029.
In summary, zip code 15228 demonstrates a robust housing market characterized by high homeownership rates, steadily increasing home values, and moderate growth in rental prices. The area has shown resilience to fluctuating interest rates, maintaining stable ownership patterns. The consistent appreciation in home values, coupled with more moderate increases in rent, suggests a continued preference for homeownership in this suburban Pennsylvania community.
