Loading Content...
Zip Code 15321: Cecil-Bishop's Rising Home Values and Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cecil-Bishop, located in zip code 15321 in Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their relationships.
The homeownership rate in Cecil-Bishop has shown a notable decline from 2013 to 2022. In 2013, the area had a high homeownership rate of 93%, which gradually decreased to 77% by 2022. This shift coincided with a substantial increase in average home prices. In 2013, the average home price was $150,243, and it steadily rose to $256,501 by 2022, representing a 70.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Cecil-Bishop shows an interesting pattern. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), homeownership rates remained high, ranging from 93% to 97%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined to 77%. This trend aligns with the general expectation that lower interest rates encourage homeownership due to more affordable financing options.
The renter percentage in Cecil-Bishop has increased significantly from 7% in 2013 to 23% in 2022. This rise in renters coincided with fluctuations in average rent prices. Average rent increased from $849 in 2013 to $1,116 in 2016, then decreased to $881 in 2019 before rising again to $1,285 in 2022. The population of the area also fluctuated during this period, reaching a low of 1,221 in 2019 before increasing to 1,531 in 2022, which may have contributed to the variations in rental demand and prices.
In 2023 and 2024, the average home prices in Cecil-Bishop continued to rise, reaching $262,812 in 2023 and $269,827 in 2024. This represents a 2.5% and 2.7% increase respectively from the previous years. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $300,000 by 2029. Average rent prices may also continue to increase, potentially reaching around $1,500 per month by 2029, driven by the growing renter population and overall housing market trends.
In summary, Cecil-Bishop has experienced a significant shift from a predominantly homeowner community to one with an increasing renter population. This change has occurred alongside substantial increases in average home prices and fluctuating rent prices. The inverse relationship between rising interest rates and declining homeownership rates highlights the impact of broader economic factors on local housing markets. These trends suggest a continuing evolution of the housing landscape in this Pennsylvania CDP over the coming years.
