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Zip Code 15317: Rising Home Values and Stable Ownership in Canonsburg, 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 15317, located in Canonsburg, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in population and housing prices, with homeownership rates remaining relatively stable.
The homeownership rate in zip code 15317 has remained fairly consistent, with a slight decline from 81% in 2015 to 79% in 2022. During this period, average home prices have shown a steady upward trend. In 2010, the average home price was $208,305, which increased to $345,047 by 2022, representing a substantial 65.6% growth over 12 years. This trend suggests that despite rising home prices, the area has maintained a strong base of homeowners.
Federal interest rates have played a role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the relatively stable homeownership rates in the area. However, as interest rates began to rise more significantly in 2022 (1.68%) and 2023 (5.02%), we may see potential impacts on homeownership in the coming years.
The renter population in zip code 15317 has shown a slight increase, from 19% in 2015 to 21% in 2022. This coincides with a rise in average rent prices, which increased from $1,092 in 2015 to $1,165 in 2022, a 6.7% increase. The population growth in the area, from 37,885 in 2015 to 42,934 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 15317 continued its upward trajectory. The average home price reached $356,914 in 2023 and further increased to $366,747 in 2024, representing a 3.4% year-over-year growth. This growth occurred despite the Federal interest rate rising to 5.33% in 2024, indicating a resilient housing market in the area.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in both home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $425,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $1,350-$1,400 per month in the same timeframe.
In summary, zip code 15317 has demonstrated a robust housing market with steadily increasing home values and a stable homeownership rate. The area has seen consistent population growth, which has likely contributed to the rising housing costs. Despite recent increases in interest rates, the housing market has remained strong, suggesting continued demand for both owned and rented properties in this Pennsylvania borough.
