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Zip Code 15411: Rising Home Values and High Ownership Rates in Rural 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 15411, located in Addison, Pennsylvania, is a small rural area spanning 20.48 square miles. This zip code has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home prices. The homeownership rate in zip code 15411 has shown a gradual increase from 2013 to 2022. In 2013, the homeownership rate was 84%, and by 2022, it had risen to 85%. This upward trend in homeownership coincides with a significant increase in average home prices. In 2015, the average home price was $114,662, and by 2022, it had risen to $213,579, representing an impressive 86.3% increase over seven years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite fluctuations in interest rates, the homeownership rate has remained relatively stable, with a slight upward trend. For instance, in 2015, when the federal interest rate was 0.13%, the homeownership rate was 81%. By 2022, with a higher interest rate of 1.68%, the homeownership rate had increased to 85%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 15411 have shown a slight decline from 2013 to 2022, inversely mirroring the increase in homeownership. In 2013, the renter-occupied percentage was 15%, which increased to 21% in 2016 before declining to 14% by 2022. Average rent prices have been volatile during this period. In 2013, the average rent was $546, which rose to a peak of $969 in 2017 before declining to $811 in 2022. This represents a 48.5% increase in average rent from 2013 to 2022, despite the fluctuations.
In 2023 and 2024, we observe a slight decline in average home prices in zip code 15411. The average home price in 2023 was $207,617, a 2.8% decrease from 2022. In 2024, the average home price further decreased to $195,882, representing a 5.7% decline from 2023. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may be contributing to the cooling of home prices in the area.
Looking ahead, based on recent trends and current economic conditions, we can predict that average home prices in zip code 15411 may continue to experience a slight decline or stabilization over the next five years. However, given the overall upward trend observed from 2015 to 2022, prices are likely to recover and potentially show modest growth by the end of the five-year period. Average rent prices may follow a similar pattern, potentially stabilizing or showing slight increases as the housing market adjusts to higher interest rates and changing economic conditions.
In summary, zip code 15411 has demonstrated a trend towards increased homeownership and rising average home prices over the past decade, despite fluctuations in federal interest rates. However, recent data shows a cooling in the housing market, likely influenced by rising interest rates. The rental market has shown volatility in both occupancy rates and average rents. These trends highlight the dynamic nature of the local housing market and its ability to adapt to changing economic conditions.
