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Zip Code 15801: Treasure Lake's Housing Market Trends and Resilient 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
Zip code 15801, located in Treasure Lake, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15801 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 70%, which increased to 74% by 2016. However, it dipped slightly to 69% in 2020 before recovering to 72% in 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in 2010 was $91,006, increasing steadily to reach $156,116 by 2022, representing a substantial 71.5% increase over 12 years.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 15801. During periods of low interest rates, such as from 2010 to 2015 when rates remained below 0.2%, homeownership rates generally increased or remained stable. For instance, the homeownership rate rose from 70% in 2013 to 74% in 2016. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018 and 2.16% in 2019, there was a slight decrease in homeownership, dropping to 71% by 2019.
Renter percentages in zip code 15801 have shown an inverse relationship to homeownership rates, naturally. The renter-occupied percentage was 30% in 2013, decreased to 26% in 2015 and 2016, and then increased to 31% in 2020 before settling at 28% in 2022. Average rent prices have generally increased over time, albeit with some fluctuations. In 2013, the average rent was $699, which decreased to $644 in 2015 before rising steadily to reach $859 in 2022, representing a 22.9% increase from 2013 to 2022.
In 2023 and 2024, the housing market in zip code 15801 continued to evolve. The average home price reached $159,740 in 2023, showing continued growth. However, there was a slight decrease to $157,432 in 2024, indicating a potential cooling of the market. This trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 15801. Average home prices are likely to continue their overall upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $170,000 to $180,000 by 2029. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 per month by 2029, driven by inflation and housing demand.
In summary, zip code 15801 has demonstrated resilience in its housing market, with generally increasing home values and rent prices over the past decade. The area has maintained a relatively stable homeownership rate, despite fluctuations in interest rates and economic conditions. The recent cooling in home prices and sharp increase in interest rates suggest a potential shift in market dynamics, which could influence both buying and renting trends in the coming years.
