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Zip Code 15827: Average Home Values and Ownership Trends in Byrnedale's Small Rural Community
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 15827, located in Byrnedale, Pennsylvania, is a small rural community with a population of just 36 residents as of 2022. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 15827 has shown some variability, with a general trend towards slight decline. In 2013, the area boasted a high 92% homeownership rate. However, by 2022, this figure had decreased to 85%. Despite this decline, the area still maintains a significantly higher homeownership rate compared to the national average. Interestingly, average home prices in the area have shown a steady increase. From 2019 to 2022, average home prices rose from $43,952 to $64,023, representing a substantial 45.7% increase over just three years.
The relationship between federal interest rates and homeownership rates in zip code 15827 appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021, averaging below 1%, homeownership rates in the area remained relatively high, consistently above 80%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight dip in homeownership rates from 86% in 2020 to 85% in 2022.
Renter percentages in zip code 15827 have shown some fluctuation over the years, ranging from 8% to 15% between 2013 and 2022. Interestingly, average rent prices have experienced significant changes during this period. In 2013, the average rent was $324, which remained stable until 2015. However, there was a dramatic increase in 2016, with average rent jumping to $820. Since then, average rent prices have gradually decreased, reaching $715 in 2022. This trend doesn't appear to correlate strongly with the renter percentage, which has remained relatively stable in recent years.
Looking at the most recent data, the average home price in zip code 15827 slightly decreased to $62,806 in 2023 but is projected to increase to $65,019 in 2024. This represents a 3.5% increase from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 15827 to continue their upward trajectory, potentially reaching around $75,000 by 2029. This projection is based on the consistent growth observed from 2019 to 2024. For average rent prices, the trend suggests a potential stabilization or slight increase, possibly reaching around $750 per month by 2029, assuming the recent downward trend reverses and aligns with the overall housing market growth.
In summary, zip code 15827 has maintained a high homeownership rate despite recent declines, with average home prices showing significant growth. The rental market has experienced volatility in pricing, but renter percentages have remained relatively stable. The area's real estate market appears resilient, with projected growth in home values over the next five years, although rising interest rates may present challenges for potential homebuyers.
