Loading Content...
Zip Code 15236: Rising Home Values and Steady Ownership in Baldwin, PA
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Baldwin, located in zip code 15236 in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This suburban community has maintained a relatively stable homeownership rate while seeing significant changes in both average home prices and average rent prices. The homeownership rate in Baldwin has remained fairly constant, hovering around 79-80% from 2013 to 2022. Despite this stability, average home prices have shown a consistent upward trend. In 2010, the average home price was $136,780, and by 2022, it had increased to $233,962, representing a substantial 71% growth over 12 years. This rise in home values occurred despite relatively stable homeownership rates, suggesting that other factors, such as local economic conditions or housing supply constraints, may have driven the price increases.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low rates coincided with the steady homeownership rate in Baldwin, likely making it easier for residents to finance home purchases. However, the slight dip in homeownership from 80% in 2014 to 77% in 2019, followed by a recovery to 80% in 2022, occurred despite these low rates, indicating that other local factors may have influenced homeownership decisions.
Renter percentages in Baldwin have fluctuated slightly, ranging from 19% to 23% between 2013 and 2022. Interestingly, average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $886, and by 2022, it had risen to $1,017, an increase of about 15%. This growth in rent prices occurred even as the renter population remained relatively stable, suggesting increased demand for rental properties or improvements in the quality of available rentals.
Looking at more recent data, the average home price in Baldwin continued its upward trajectory, reaching $240,001 in 2023 and $250,206 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the previous decade. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Baldwin will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $290,000 to $310,000, assuming a moderated growth rate of 3-4% annually. Average rent prices are also expected to increase, potentially reaching $1,150 to $1,200 by 2029, based on historical trends and accounting for potential economic factors.
In summary, Baldwin has demonstrated resilience in its homeownership rates while experiencing significant growth in both average home prices and average rent prices. The consistent increase in property values, coupled with the recent rise in interest rates, suggests a robust housing market that has remained attractive to both homeowners and investors. As the community moves forward, the interplay between interest rates, housing supply, and local economic factors will likely continue to shape the housing landscape in this Pennsylvania suburb.
