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Zip Code 15363: Rising Home Values and Ownership Trends in Canonsburg, 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 15363, located in Canonsburg, Pennsylvania, presents an interesting case study of housing trends in a small urban area. This zip code has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 15363 has shown considerable variability, ranging from a low of 53% in 2014 and 2017 to a high of 76% in 2019. This volatility coincides with notable changes in average home prices. In 2013, the average home price was $99,793, which steadily increased to $121,496 by 2019, representing a 21.7% increase over six years. The relationship between homeownership rates and average home prices is not straightforward, as evidenced by the 2019 peak in homeownership coinciding with rising home values.
Federal interest rates have played a role in shaping homeownership trends in zip code 15363. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) corresponded with a general increase in homeownership rates, from 61% in 2013 to 60% in 2016. However, as interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, the homeownership rate showed more volatility, suggesting that other local factors were also influencing housing decisions.
Renter percentages in zip code 15363 have fluctuated inversely to homeownership rates, as expected. The average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $737, which increased to $962 by 2018, representing a 30.5% increase. Interestingly, the renter percentage dropped from 47% in 2017 to 33% in 2018, despite the peak in average rent prices that year. This could indicate a shift in the local housing market dynamics or changes in the local economy affecting housing choices.
In 2023 and 2024, the average home prices in zip code 15363 continued their upward trajectory, reaching $154,617 in 2023 and $160,596 in 2024. This represents a significant increase of 21.2% from the 2021 average of $139,823. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15363 are likely to continue their upward trend over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, possibly reaching approximately $800 per month in the same timeframe. These projections assume continued economic stability and gradual population growth in the area.
In summary, zip code 15363 has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The interplay between federal interest rates, local economic conditions, and housing market dynamics has created a complex landscape for both homeowners and renters. The recent surge in home prices, coupled with rising interest rates, may present challenges for potential homebuyers in the coming years, potentially leading to a shift in the balance between homeownership and renting in this Pennsylvania borough.
