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Zip Code 15324: Fluctuating Home Values and Ownership in Cokeburg, 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 15324, located in Cokeburg, Pennsylvania, has experienced significant fluctuations in population and housing dynamics over the past decade. This small community, with an area of just 0.2 square miles, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
Homeownership rates in zip code 15324 have shown a general decline from 2013 to 2022. In 2013, the ownership rate stood at 72%, but by 2022, it had decreased to 65%. This downward trend coincides with changes in average home prices. From 2016 to 2019, average home prices in the area decreased from $53,626 to $46,302, a decline of about 13.7%. However, there was a significant upturn starting in 2020, with average home prices rising to $63,463 by 2022, representing a 37% increase from the 2019 low.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. For instance, as interest rates remained low from 2013 to 2015 (around 0.1%), homeownership rates were relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates showed a declining trend, dropping from 71% in 2016 to 65% in 2018.
Renter percentages in zip code 15324 have shown an overall increase from 27% in 2013 to 35% in 2022, mirroring the decline in homeownership. This trend has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $725, which increased to $1,022 by 2022, a substantial 41% increase. The population fluctuations, from a low of 294 in 2016 to 447 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 15324 for 2023 was $62,745, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded significantly to $72,946, marking a 16.3% increase from the previous year. This increase comes despite the federal interest rate rising to 5.33% in 2024, which is the highest it has been in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 15324 to continue their upward trajectory, albeit at a more moderate pace. The recent sharp increase suggests a strong local market, but the high interest rates may temper growth. Average rent prices are likely to follow suit, continuing their steady climb as demand for rental properties remains strong.
In summary, zip code 15324 has experienced a shift towards renting over homeownership in recent years, with both average home prices and rent prices showing significant increases. The community has demonstrated resilience, with property values rebounding strongly despite high interest rates. These trends suggest a dynamic local real estate market that continues to evolve in response to economic factors and changing demographics.
