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Zip Code 15323: Rising Home Values and Ownership Trends in Taylorstown, Pennsylvania
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 15323, located in Taylorstown, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a trend towards increased homeownership and fluctuating property values, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 15323 has seen a notable increase from 79% in 2013 to 83% in 2022. This rise in homeownership coincides with changes in average home prices, which grew from $134,923 in 2013 to $201,677 in 2022, representing a 49.5% increase over nine years. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $169,845 to $187,893, a 10.6% increase in just one year.
Federal interest rates have played a role in homeownership trends in zip code 15323. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the increase in homeownership. As interest rates remained low, financing became more accessible, potentially encouraging more residents to purchase homes. This is evident in the steady rise of homeownership from 79% in 2013 to 82% in 2021.
Conversely, the renter percentage in zip code 15323 has decreased from 21% in 2013 to 17% in 2022. Despite this decline, average rent prices have shown an upward trend, increasing from $701 in 2013 to $804 in 2022, a 14.7% rise. The highest average rent was recorded in 2017 and 2019 at $853. It's worth noting that while the renter population decreased, the overall population in the zip code also declined from 4,655 in 2013 to 4,318 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in zip code 15323 experienced a slight decrease to $196,822 from the 2022 peak of $201,677. However, 2024 has seen a recovery, with average home prices rising to $201,221. This recent trend occurs alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homebuying activities in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15323 may continue to rise moderately over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 15323 has demonstrated a clear trend towards increased homeownership, with a corresponding rise in average home prices. The rental market, while shrinking in terms of percentage, has seen higher average rents. Recent data shows a slight fluctuation in home prices, and the impact of rising interest rates will be a key factor to watch in the coming years.
