The renter percentage in zip code 15617 has shown a corresponding decline as homeownership rates increased. In 2013, the renter percentage was 10%, which decreased to just 5% by 2022. This decline in renters occurred despite the overall population growth from 115 in 2013 to 136 in 2022. The average rent prices during this period showed some volatility, peaking at $810 in 2016 before settling at $794 in 2022. This suggests that the local rental market has remained relatively stable in recent years, despite the decreasing proportion of renters.

In 2023 and 2024, zip code 15617 experienced significant changes in the housing market. The average home price in 2023 was $115,489, which increased to $116,371 in 2024, representing a 0.76% year-over-year growth. This price increase occurred despite a sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates typically discourage home buying, yet the area has maintained its strong homeownership trend.

Looking ahead, our predictive models forecast a continued steady increase in average home prices for zip code 15617 over the next five years. We anticipate average home prices to reach approximately $122,000 by 2029, assuming current economic conditions persist. Rent prices are expected to follow a similar upward trajectory, potentially reaching an average of around $850 per month by 2029. These projections are based on historical trends and current market conditions.

In summary, zip code 15617 has demonstrated a strong and growing preference for homeownership, with rates increasing from 88% to 94% between 2013 and 2022. This trend has persisted despite fluctuations in rent prices and rising federal interest rates. The area has also seen modest but steady growth in both home values and rent prices, with projections indicating continued increases in both metrics over the next five years. These trends suggest a robust and desirable local housing market, with a particularly strong emphasis on homeownership.