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Zip Code 15433: Stable Homeownership Amidst Rising Home Values 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 15433, located in Hiller, Pennsylvania, has experienced notable fluctuations in population and housing dynamics over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices showing a general upward trend despite some variations in the local population.
The homeownership rate in zip code 15433 has remained relatively stable, ranging from 85% to 96% between 2013 and 2022. During this period, average home prices have shown a steady increase. In 2013, the average home price was $89,081, which rose to $141,970 by 2022, representing a significant 59.4% increase over nine years. This upward trend in home prices occurred despite fluctuations in the homeownership rate, suggesting that other factors, such as local economic conditions or housing supply, may have influenced property values more than ownership rates.
Federal interest rates have played a role in homeownership trends in the area. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 96%. As interest rates gradually increased to 1.68% by 2022, there was a slight decrease in homeownership to 87%. However, the relationship is not always direct, as other local factors also influence homeownership decisions.
Renter percentages in zip code 15433 have fluctuated inversely to homeownership rates, ranging from 4% to 15% between 2013 and 2022. Average rent prices have shown a general upward trend during this period, increasing from $774 in 2013 to $804 in 2022, a modest 3.9% rise. Interestingly, the highest average rent of $817 was recorded in 2020 when the renter percentage was at 11%, suggesting that rent prices in this area may be influenced by factors beyond just the proportion of renters in the population.
In 2023 and 2024, the housing market in zip code 15433 showed some interesting developments. The average home price in 2023 was $140,018, a slight decrease from 2022. However, in 2024, the average home price increased to $145,678, indicating a recovery and continued growth in the local real estate market. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 15433 to continue their upward trajectory over the next five years. Projections suggest that by 2029, average home prices could reach approximately $160,000 to $170,000, assuming a steady growth rate similar to recent years. Average rent prices are also likely to increase, potentially reaching around $850 to $875 per month by 2029, following the gradual upward trend observed in the past decade.
In summary, zip code 15433 has demonstrated a resilient housing market characterized by high homeownership rates and steadily increasing property values. Despite fluctuations in population and federal interest rates, the area has maintained a strong preference for homeownership. The consistent rise in average home prices, even in the face of recent interest rate hikes, suggests a robust local real estate market with potential for continued growth in the coming years.
