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Zip Code 15731: Rising Home Values and Stable Ownership Rates in Coral, 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
Coral, located in zip code 15731 in Pennsylvania, is a small community with a population that has fluctuated between 45 and 57 residents over the past decade. This tight-knit area has experienced interesting shifts in homeownership rates and housing prices, providing a unique snapshot of real estate trends in a micro-urban setting.
The ownership percentage in Coral has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 78%, and by 2022, it had slightly decreased to 77%. Despite this minor decline, the community has maintained a strong preference for homeownership. Average home prices have seen a significant increase in recent years. From 2020 to 2022, the average home price rose from $63,422 to $74,908, representing an 18.1% increase over just two years.
Federal interest rates have played a role in homeownership trends in Coral. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates fluctuated but generally stayed above 74%. The slight dip in ownership to 74% in 2020 coincided with a decrease in interest rates to 0.38%, which typically encourages homebuying. However, local factors may have influenced this temporary deviation from the expected trend.
Renter percentages in Coral have fluctuated inversely to homeownership rates. In 2013, the renter-occupied rate was 22%, which decreased to 14% by 2018. However, it rose again to 22% in 2020 before settling at 18% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $1,112, which decreased to $624 by 2016. It then rose to $939 in 2021 before slightly decreasing to $849 in 2022. These fluctuations may be attributed to the small population size, where minor changes can have a significant impact on percentages.
In 2023, the average home price in Coral slightly decreased to $72,887, a 2.7% drop from the previous year. This occurred as federal interest rates rose sharply to 5.02%. Moving into 2024, we see a rebound in average home prices to $79,072, an 8.5% increase from 2023, despite a further rise in interest rates to 5.33%. This resilience in home prices amid rising interest rates suggests strong local demand or limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in Coral may continue to rise moderately over the next five years, potentially reaching around $90,000 by 2029. This projection is based on the recent upward trend and assumes relatively stable economic conditions. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $1,000 per month by 2029, reflecting the overall appreciation of local real estate values.
In summary, Coral in zip code 15731 has maintained a high rate of homeownership despite some fluctuations. The community has experienced significant growth in average home prices, particularly in recent years. Rental markets have shown volatility, likely due to the small population size. The area's real estate market has demonstrated resilience in the face of rising interest rates, suggesting a robust local housing demand. As we look to the future, both home prices and rents are projected to continue their upward trend, reflecting the ongoing attractiveness of this small Pennsylvania community.
