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Zip Code 15330: High Homeownership and Rising Home Values in Eighty Four, 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 15330, located in Eighty Four, Pennsylvania, showcases an interesting mix of homeownership trends and housing market dynamics. This area has maintained a consistently high rate of homeownership over the years, with a slight fluctuation in recent times. The average home prices and average rent prices have shown notable increases, reflecting the changing economic landscape of the region.
The ownership percentage in zip code 15330 has remained remarkably stable, hovering around 91% for most of the observed period. However, there was a slight dip to 89% in 2020, followed by a recovery to 91% in 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $215,448, which grew to $354,667 by 2022, representing a significant 64.6% increase over 12 years. This trend suggests that despite rising home values, residents in this area have maintained their ability and preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 15330. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained consistently high at 91%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, we observe that homeownership rates remained stable, indicating a strong local preference for owning rather than renting, even in the face of potentially higher borrowing costs.
The renter percentage in zip code 15330 has remained relatively low, fluctuating between 8% and 11% from 2013 to 2022. Interestingly, the average rent prices have shown a steady increase over this period. In 2013, the average rent was $714, which rose to $941 by 2022, marking a 31.8% increase. This rise in rent prices occurred despite the relatively stable and low renter population, suggesting that other factors, such as overall housing market appreciation and possibly limited rental inventory, have influenced rent prices.
Looking at the most recent data, the average home price in zip code 15330 reached $360,992 in 2023 and further increased to $368,787 in 2024. This represents a continued upward trend in home values. Simultaneously, the federal interest rate rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years. Despite these higher interest rates, which typically make mortgages more expensive, the homeownership rate has remained high at 91% as of 2022, demonstrating the area's resilience in maintaining homeownership.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15330 will continue to rise, albeit potentially at a more moderate pace. Given the historical data and current economic conditions, we project that average home prices could reach approximately $400,000 to $420,000 by 2029. For average rent prices, the forecast suggests a continued upward trajectory, potentially reaching $1,050 to $1,100 per month by 2029, assuming the current trends persist.
In summary, zip code 15330 demonstrates a strong preference for homeownership, with consistently high rates despite rising home prices and fluctuating interest rates. The area has experienced significant appreciation in both home values and rent prices over the past decade. The resilience of homeownership rates in the face of recent interest rate hikes suggests a deeply rooted culture of home buying in this community. As we look to the future, both home prices and rents are expected to continue their upward trend, albeit potentially at a more moderate pace, reflecting the ongoing desirability and stability of this Pennsylvania community.
