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Zip Code 15458: Rising Home Values and Declining Ownership in Edenborn, 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
Edenborn, located in zip code 15458 in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Edenborn has shown a general decline from 2013 to 2022. In 2013, the area had a high homeownership rate of 83%. However, by 2022, this figure had dropped to 66%, representing a significant 17 percentage point decrease over nine years. During this same period, average home prices in the area have generally increased. The average home price rose from $80,262 in 2013 to $122,787 in 2022, a substantial increase of 53% over the decade.
The relationship between federal interest rates and homeownership rates in Edenborn follows a generally expected pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, ranging from 75% to 83%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a consistent decline, dropping to 66% by 2022.
Conversely, the renter population in Edenborn has increased over time. The percentage of renters rose from 17% in 2013 to 34% in 2022, doubling in just nine years. This trend has been accompanied by fluctuations in average rent prices. Average rent increased from $892 in 2013 to a peak of $1,112 in 2021, before slightly decreasing to $963 in 2022. It's worth noting that despite the overall population decline from 2,627 in 2013 to 2,447 in 2022, the renter population has grown both in percentage and absolute numbers.
Looking at the most recent data, the average home price in Edenborn for 2023 was $119,906, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $130,213, marking a new peak. This increase comes despite the federal interest rate rising to 5.33% in 2024, which is the highest it has been in over two decades.
Based on these trends, we can make some predictions for the next five years. If the current patterns continue, we might expect to see a continued gradual decline in homeownership rates, potentially reaching around 60% by 2029. Average home prices are likely to continue their upward trend, possibly reaching around $150,000 by 2029, assuming a similar growth rate. The percentage of renters may continue to increase, potentially reaching 40% by 2029. Average rent prices could see moderate increases, possibly reaching around $1,200 per month by 2029, assuming steady growth.
In summary, Edenborn has experienced a significant shift from a predominantly owner-occupied community to one with a growing renter population. This change has occurred alongside rising home values and fluctuating rent prices. The interplay between these factors, along with broader economic conditions such as interest rates, will continue to shape the housing market in this Pennsylvania community in the coming years.
