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Zip Code 15445: Rising Home Values and Ownership Rates in Hopwood, 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 15445, located in Hopwood, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating property values, reflecting the dynamic nature of its real estate market. The ownership percentage in zip code 15445 has shown a significant upward trend, rising from 70% in 2013 to 81% in 2022. This increase in homeownership coincided with a substantial rise in average home prices, which grew from $115,766 in 2013 to $171,682 in 2022, representing a 48.3% increase over this period. The most dramatic jump in average home prices occurred between 2020 and 2021, with a 14.5% increase from $141,462 to $161,927, suggesting a robust housing market despite broader economic challenges.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15445. The period of historically low interest rates from 2013 to 2021, with rates ranging from 0.08% to 0.14%, coincided with the steady increase in homeownership rates. This low-interest environment likely made mortgages more accessible and attractive to potential homebuyers, contributing to the rise in ownership from 70% to 82% during this timeframe.
Conversely, the renter percentage in zip code 15445 has decreased from 30% in 2013 to 19% in 2022, aligning with the increase in homeownership. Despite this decline in the renter population, average rent prices have shown volatility. Average rent increased from $539 in 2013 to a peak of $863 in 2021, before dropping to $701 in 2022. This fluctuation in rent prices, particularly the sharp increase to $863 in 2021, may have incentivized more renters to consider homeownership, especially given the relatively lower interest rates during that period.
In 2023 and 2024, the average home prices in zip code 15445 continued to evolve. The average home price slightly decreased to $171,463 in 2023 but then rebounded to $180,391 in 2024, marking a 5.2% increase. This occurred despite a significant rise in federal interest rates, which jumped from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 15445 over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $200,000 by 2029. Average rent prices are also expected to increase, albeit more moderately, potentially reaching approximately $750-$800 per month in the same timeframe.
In summary, zip code 15445 has experienced a substantial increase in homeownership rates, rising from 70% to 81% between 2013 and 2022, alongside a significant appreciation in average home values. The interplay between federal interest rates, homeownership trends, and housing prices has been evident, with low interest rates correlating with increased homeownership. Despite a decreasing renter population, rent prices have shown volatility. The recent uptick in interest rates and the continued rise in home prices suggest a potentially challenging market for new homebuyers, while current homeowners may benefit from increased equity.
