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Zip Code 15642: Rising Home Values and Strong Ownership Rates in Manor, PA
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 15642, located in Manor, Pennsylvania, has experienced notable shifts in homeownership, housing prices, and rental markets over the past decade. This area, with a population of 45,405 in 2022, has maintained a consistently high rate of homeownership while seeing significant changes in both average home prices and average rent costs.
The homeownership rate in zip code 15642 has remained relatively stable, fluctuating between 83% and 85% from 2013 to 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $150,120, which grew to $229,846 by 2022, representing a 53% increase over 12 years. Notably, the most substantial growth occurred between 2020 and 2022, with average home prices jumping from $191,384 to $229,846, a 20% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2020, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates likely contributed to the sustained high homeownership rates in the area, as borrowing costs for mortgages were more affordable. The stability in homeownership percentages, despite rising home prices, suggests that low interest rates may have offset the impact of increasing property values on buyers' ability to purchase homes.
Rental trends in zip code 15642 show an interesting pattern. The percentage of renters has remained relatively constant, ranging from 15% to 17% between 2013 and 2022. However, average rent prices have increased significantly during this period. In 2013, the average rent was $703, which rose to $926 by 2022, representing a 32% increase. The most substantial jump occurred between 2016 and 2017, when average rent increased from $836 to $876, a 4.8% rise in a single year. Despite these rent increases, the renter population has not seen significant changes, suggesting a strong demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 15642 continued its upward trajectory. The average home price reached $235,480 in 2023 and further increased to $240,340 in 2024, showing a 2.5% and 2.1% year-over-year growth, respectively. This growth occurred despite a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15642 will continue to rise over the next five years, albeit at a more moderate pace due to higher interest rates. We can expect average home prices to potentially reach around $260,000 to $270,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,100 to $1,200 per month by 2029, assuming current trends continue.
In summary, zip code 15642 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has maintained a stable balance between owners and renters despite significant growth in both home prices and rent costs. The coming years may see a moderation in price growth due to higher interest rates, but the overall trend remains positive for property values in this Pennsylvania community.
