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Zip Code 15477: Rising Home Values and Ownership Rates in Roscoe, 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 15477, located in Roscoe, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community, with a population of 544 in 2022, has seen a general trend towards increased homeownership and rising average home prices, despite some fluctuations in recent years.
The relationship between homeownership rates and average home prices in zip code 15477 has shown a positive correlation. From 2013 to 2022, the percentage of owner-occupied homes increased from 75% to 82%, while average home prices rose from $65,623 to $95,354. This trend was particularly pronounced between 2019 and 2022, when homeownership rates climbed from 74% to 82%, coinciding with a significant increase in average home prices from $77,213 to $95,354.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2020 saw relatively low interest rates, ranging from 0.09% to 2.16%, which likely contributed to the overall increase in homeownership during this time. The sharp rise in interest rates in 2022 to 1.68% and subsequently to 5.02% in 2023 and 5.33% in 2024 may have impacted the housing market, yet homeownership rates remained high at 82% in 2022.
Renter percentages and average rent prices have shown an inverse relationship to homeownership rates. As homeownership increased, the percentage of renters decreased from 25% in 2013 to 18% in 2022. However, average rent prices have generally trended upward, rising from $557 in 2013 to $789 in 2022. This increase in rent prices, despite a decreasing renter population, could be attributed to factors such as improved housing quality or increased demand for the limited rental properties available.
In 2023 and 2024, average home prices in zip code 15477 continued to rise, reaching $97,008 in 2023 and $101,194 in 2024. This upward trend persisted despite the high interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of increased borrowing costs.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 15477 could potentially reach $115,000 to $120,000 by 2029. Similarly, average rent prices might increase to around $900 to $950 per month in the same timeframe.
In summary, zip code 15477 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in federal interest rates and shifts in the renter population, the local housing market has shown resilience and consistent growth. The continued rise in both home prices and rent prices, even in the face of higher interest rates, suggests a sustained demand for housing in this Pennsylvania community.
