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Zip Code 15347: Average Home Values and Ownership Trends in Meadowlands, 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
Meadowlands, situated in zip code 15347 in Pennsylvania, is a small community that has experienced significant changes in population and housing dynamics over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in this area. The homeownership rate in Meadowlands has fluctuated considerably from 2013 to 2022. Starting at 92% in 2013, it peaked at 93% in 2014, then notably declined to 71% in 2018, before recovering to 90% by 2022. Concurrently, average home prices have shown a steady increase in recent years. From 2021 to 2022, the average home price rose from $135,715 to $147,638, marking an 8.8% increase.
The correlation between federal interest rates and homeownership rates in Meadowlands appears to align with national trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates initially decreased but subsequently rebounded. The ownership rate dropped from 93% in 2014 to 71% in 2018 when interest rates were rising, but then increased to 90% by 2022 as rates remained relatively low.
Renter percentages in Meadowlands have inversely mirrored the homeownership trends. The renter population increased from 7% in 2013 to a peak of 29% in 2018, before decreasing to 9% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $1,387, peaking at $1,530 in 2014. It then decreased to $1,109 in 2017, before dropping significantly to $765 in 2022. This substantial decrease in average rent coincided with a decrease in the renter population, possibly indicating a shift towards homeownership.
Examining the most recent data, the average home price in Meadowlands for 2023 was $143,840, showing a slight decrease from 2022. However, in 2024, the average home price increased to $154,327, representing a 7.3% rise. This increase occurred despite the federal interest rate climbing to 5.33% in 2024, which typically is expected to dampen housing demand.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Meadowlands will continue to rise, albeit at a more moderate pace. The average home price could potentially reach around $175,000 by 2029. For average rent prices, given the recent volatility, a stabilization followed by a gradual increase is expected, potentially reaching about $900 per month by 2029.
In summary, Meadowlands has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The community has shown resilience, with homeownership rates rebounding in recent years despite rising interest rates. The inverse relationship between homeownership and rental rates suggests a dynamic housing market responsive to economic conditions. As we move forward, the area is likely to see continued growth in home values and a stabilization of rental prices, reflecting the ongoing evolution of this Pennsylvania community.
