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Zip Code 15701: Rising Home Values and Stable Ownership in Indiana, 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 15701, located in Indiana, Pennsylvania, is a dynamic area that has experienced notable shifts in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the changing landscape of this community. The homeownership rate in zip code 15701 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 58%, and it maintained this level through 2015. There was a minor dip to 57% in 2016 and 2017, before returning to 58% in 2018. Interestingly, the rate increased to 60% in 2019, the highest in the observed period, before settling back to 59% in 2021 and 2022. Concurrently, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $125,097, which increased to $141,105 by 2019, representing a 12.8% growth over six years. This trend accelerated in recent years, with average home prices reaching $168,954 in 2022, a substantial 35% increase from 2013.
The relationship between federal interest rates and homeownership rates in zip code 15701 appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 58-59%. This stability in homeownership, despite the economic uncertainties of the time, could be attributed to the affordability of financing options due to low interest rates.
Renter percentages in zip code 15701 have mirrored the homeownership trends, naturally fluctuating in opposition. The renter-occupied rate was 42% from 2013 to 2015, increased slightly to 43% in 2016 and 2017, and then returned to 42% in 2018. It dropped to 40% in 2019 before settling at 41% in 2021 and 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $744, which increased to $778 by 2017, representing a 4.6% increase. However, there was a notable drop to $691 in 2020, possibly influenced by the economic impact of the COVID-19 pandemic. By 2021, average rent had rebounded significantly to $792, a 14.6% increase from the previous year, before dropping again to $688 in 2022.
Looking at the most recent data, average home prices in zip code 15701 continued their upward trajectory, reaching $177,560 in 2023 and further increasing to $184,572 in 2024. This represents a substantial 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15701 will continue to rise, potentially reaching around $215,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $850 by 2029, considering the historical volatility and recent trends in the rental market.
In summary, zip code 15701 has demonstrated resilience in its housing market, with steadily increasing average home prices and relatively stable homeownership rates. The area has weathered economic fluctuations, including the impact of changing interest rates and global events. The rental market has shown more volatility, but with a general upward trend in prices. As the community continues to evolve, these housing trends will play a crucial role in shaping its future development and demographic composition.
