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Zip Code 15444: Rising Home Values and Declining Ownership in Hiller, 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 15444, located in Hiller, Pennsylvania, is a small community that has experienced significant demographic shifts over the past decade. This area has seen notable fluctuations in homeownership rates and average housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15444 has shown considerable variability from 2013 to 2022. In 2013, the area had an 80% homeownership rate, which peaked at 95% in 2017. However, by 2022, this figure had decreased to 74%. Concurrently, average home prices in the area have shown a general upward trend. In 2013, the average home price was $38,877, which steadily increased to $65,836 by 2022, representing a substantial 69% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 85%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, dropping to 74% by 2022. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 15444 have also shown notable trends. The percentage of renters increased from 20% in 2013 to 25% in 2022. During this same period, average rent prices rose from $436 in 2013 to $586 in 2022, a 34% increase. It's worth noting that the population in this zip code fluctuated significantly during this time, from a high of 176 in 2014 to a low of 96 in 2019, before rebounding to 169 in 2022. These population changes likely influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 15444 continued its upward trajectory. The average home price reached $68,574 in 2023 and further increased to $73,569 in 2024, representing a 7% and 13% increase from 2022, respectively. This growth occurred despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on the historical data and current trends, we can expect the average home prices in zip code 15444 to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by the growing renter population and overall housing market appreciation. However, the rate of increase may moderate if homeownership becomes more attractive due to potential future interest rate adjustments.
In summary, zip code 15444 has experienced significant changes in its housing market over the past decade. The area has seen a general trend of increasing home values and rents, alongside fluctuations in homeownership rates. The recent sharp increase in interest rates, coupled with continued home price appreciation, suggests a dynamic and evolving housing market in this Pennsylvania community.
