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Zip Code 15774: Stable Homeownership and Rising Home Values in Atwood, 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 15774, located in Atwood, Pennsylvania, presents an interesting case study of housing trends in a small, rural community. Over the past decade, this area has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 15774 has shown resilience, with a slight increase from 76% in 2019 to 81% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2015, the average home price was $126,394, which steadily increased to $182,547 by 2022, representing a substantial 44.4% growth over seven years. This trend suggests that despite rising prices, local residents have maintained a strong preference for homeownership.
Federal interest rates have played a crucial role in shaping homeownership patterns in zip code 15774. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the sustained high homeownership rates in the area, as it made mortgage financing more accessible and affordable for potential buyers. The slight dip in homeownership from 80% in 2015 to 76% in 2019 may be attributed to other local factors, as it occurred despite favorable interest rates.
Renter percentages in zip code 15774 have fluctuated inversely to homeownership rates, as expected. The renter population decreased from 24% in 2019 to 19% in 2022. Interestingly, average rent prices have shown a general downward trend during this period. In 2013, the average rent was $697, which decreased to $611 by 2019, before rising slightly to $672 in 2022. This trend in rent prices, coupled with the decreasing renter population, suggests a possible shift in local housing preferences or economic conditions favoring homeownership.
In 2023 and 2024, zip code 15774 has continued to see changes in its housing market. The average home price reached $187,538 in 2023, marking the highest point in the available data. However, there was a slight decrease to $185,917 in 2024. This minor downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be beginning to impact home buying affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15774 may continue to rise moderately over the next five years, albeit at a slower pace than observed in the past decade. This projection is based on the historical trend of increasing home values and the area's consistent demand for homeownership. Average rent prices are expected to remain relatively stable, with potential for slight increases in line with inflation and housing demand.
In summary, zip code 15774 has demonstrated a strong preference for homeownership, with rates reaching 81% in 2022 despite rising home prices. The area has benefited from low interest rates in the past, which supported high homeownership levels. However, recent increases in interest rates may pose challenges to this trend. The rental market has shown interesting dynamics, with decreasing renter percentages and fluctuating rent prices. As the housing market in this zip code continues to evolve, it will be crucial to monitor how these trends develop, particularly in light of changing economic conditions and interest rates.
