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Zip Code 15542: Steady Homeownership Amid Rising Home Values in Garrett, 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
Garrett, Pennsylvania, zip code 15542, is a small community with a population of 1,213 as of 2022. This area has experienced relatively stable homeownership rates and gradual increases in average home prices over the past decade, while average rent prices have shown more volatility.
The homeownership rate in zip code 15542 has remained relatively stable, ranging from 80% to 85% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2015, the average home price was $99,469, which increased to $143,731 by 2022, representing a 44.5% rise over seven years. This trend suggests a growing demand for homeownership in the area, despite minor fluctuations in the ownership percentage.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), homeownership rates in the zip code remained high, between 82% and 85%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership, dropping to 80% in 2020 when the interest rate was 0.38%. However, the overall impact appears minimal, as the ownership rate rebounded to 82% by 2022, even as interest rates climbed to 1.68%.
Renter percentages in zip code 15542 have fluctuated between 15% and 20% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $666, which increased to $723 in 2019, representing an 8.6% rise. However, there was a significant jump to $819 in 2021, a 23.6% increase from 2013, before dropping back to $687 in 2022. These fluctuations in rent prices don't seem to directly correlate with the minor changes in renter percentages, suggesting other factors such as local economic conditions or housing supply may be influencing rent prices.
In 2023 and 2024, average home prices in zip code 15542 continued to rise, reaching $144,494 in 2023 and slightly decreasing to $142,115 in 2024. This represents a modest 0.5% decrease from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may explain the slight cooling in home prices.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 15542 may continue to rise moderately over the next five years, potentially reaching around $155,000 to $160,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict but may stabilize around $750 to $800 per month, assuming no major economic disruptions.
In summary, zip code 15542 has maintained a high rate of homeownership despite rising home prices, suggesting a strong local housing market. The area has seen significant growth in property values, with average home prices increasing by over 40% from 2015 to 2022. Rent prices have been more volatile, with notable increases followed by recent decreases. The interplay between federal interest rates, homeownership rates, and housing prices indicates a resilient local real estate market that has adapted to changing economic conditions.
