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Zip Code 15757: Rural Pennsylvania's Resilient Homeownership Amid Fluctuating Home Values
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
New Washington, located in zip code 15757 in Pennsylvania, is a small community that has experienced fluctuating population and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in zip code 15757 has remained relatively stable, with a slight increase from 85% in 2013 to 87% in 2022. This high rate of homeownership indicates a strong preference for property ownership in the community. Despite the lack of historical average home price data, the recent figures show a significant change in the local real estate market. In 2023, the average home price in the area was $93,945, which then decreased to $82,491 in 2024, representing a 12.2% decline in just one year.
When examining the relationship between federal interest rates and homeownership rates, we can observe that the homeownership rate in zip code 15757 has remained relatively stable despite fluctuations in interest rates. For instance, the homeownership rate increased slightly from 85% in 2019 to 87% in 2022, even as federal interest rates rose from 2.16% to 1.68% during the same period. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The renter population in zip code 15757 has shown a slight decrease, with the percentage of renters dropping from 15% in 2013 to 13% in 2022. Interestingly, average rent prices have experienced significant fluctuations during this period. In 2013, the average rent was $661, which increased to $737 in 2020, representing an 11.5% rise. However, there was a notable spike in 2021, with average rent reaching $1,039, before dropping back to $739 in 2022. These fluctuations in rent prices do not appear to have a direct correlation with the slight decrease in the renter population, suggesting that other factors may be influencing rental trends in the area.
Looking at the most recent data for 2023 and 2024, we see that average home prices in zip code 15757 have decreased from $93,945 to $82,491. This 12.2% decline occurred as federal interest rates increased from 5.02% in 2023 to 5.33% in 2024. The higher interest rates may be contributing to the decrease in home prices, as higher borrowing costs can reduce demand for homeownership.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 15757 to continue fluctuating, potentially stabilizing around the $85,000 mark by 2029. Average rent prices are likely to show moderate growth, possibly reaching around $800 per month by 2029, assuming no major economic disruptions.
In summary, zip code 15757 demonstrates a strong preference for homeownership, with rates consistently above 80%. The recent decline in average home prices, coupled with rising interest rates, suggests a potential cooling of the local real estate market. Rent prices have shown volatility, with a significant spike in 2021 followed by a return to more moderate levels. These trends indicate a dynamic housing market in New Washington, influenced by both local factors and broader economic conditions.
