Renter percentages in zip code 15322 have fluctuated inversely to homeownership rates, ranging from 12% to 20% between 2013 and 2022. The average rent prices have shown an overall increasing trend, rising from $779 in 2013 to $932 in 2022, a 19.6% increase. Notably, there was a significant jump in average rent from $743 in 2021 to $932 in 2022, coinciding with a decrease in the renter percentage from 16% to 12%. This suggests that while fewer people were renting, those who did were paying substantially higher prices.

In 2023 and 2024, the housing market in zip code 15322 continued to evolve. The average home price slightly decreased to $91,409 in 2023 but rebounded to $93,873 in 2024. This represents a 1.5% increase from 2022 to 2024, indicating a relatively stable housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.

Looking ahead, predictive models suggest a continued upward trend in both average home and rent prices for zip code 15322 over the next five years. Home prices are projected to increase by approximately 2-3% annually, potentially reaching around $105,000 by 2029. Average rent prices are expected to follow a similar trajectory, possibly surpassing $1,000 per month within the same timeframe.

In summary, zip code 15322 has maintained a high rate of homeownership despite rising home prices, with recent years showing a slight increase in the ownership percentage. The area has experienced steady growth in both home values and rent prices, with some fluctuations likely influenced by broader economic factors such as interest rates and the pandemic. The recent rise in interest rates and the slight cooling of home price growth in 2023 may signal a period of market stabilization, but the overall trend remains positive for property values in this Pennsylvania borough.