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Zip Code 15358: Rising Home Values Amidst Declining Ownership in Centerville, PA
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 15358, located in Centerville, Pennsylvania, has experienced significant demographic and housing market changes over the past decade. This small community, spanning just 0.34 square miles, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends. The homeownership rate in zip code 15358 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 73%, but by 2022, it had decreased to 68%. This trend coincides with changes in average home prices. In 2013, the average home price was $63,675, and it steadily increased to $92,838 by 2022, representing a 45.8% increase over nine years. The most significant jump occurred between 2020 and 2021, when average home prices rose from $72,363 to $87,879, a 21.4% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates remained relatively stable, fluctuating between 69% and 74%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dipped to 68%, suggesting that higher interest rates may have influenced some residents' ability or willingness to purchase homes.
Renter percentages in zip code 15358 have generally increased from 2013 to 2022, inversely mirroring the homeownership trend. The renter percentage rose from 27% in 2013 to 31% in 2022, with a peak of 36% in 2018. Average rent prices, however, have not shown a consistent upward trend. In 2013, the average rent was $950, which fluctuated over the years, dropping to a low of $624 in 2018 before rising back to $848 in 2022. The population decline from 279 in 2013 to 226 in 2022 may have influenced these rent price variations, as lower demand could have kept rent prices from rising consistently.
In 2023 and 2024, the housing market in zip code 15358 continued to show growth. The average home price increased to $96,878 in 2023 and further to $106,431 in 2024, representing a 14.6% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates would typically be expected to slow housing price growth, but other factors such as local demand or limited housing supply may have contributed to the continued price increases.
Looking ahead, predictive models suggest that average home prices in zip code 15358 may continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are expected to stabilize or increase moderately, influenced by the area's population trends and overall economic conditions.
In summary, zip code 15358 has experienced a gradual shift towards more renters and fewer homeowners over the past decade, accompanied by significant increases in average home prices. Despite recent high interest rates, home prices have continued to rise, suggesting strong local market factors. The interplay between homeownership rates, housing prices, and economic indicators will likely continue to shape this community's housing landscape in the coming years.
