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Zip Code 15851: Steady Homeownership Amidst Rising Home Values in Reynoldsville, 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
Reynoldsville, located in zip code 15851 in Pennsylvania, presents an interesting case study in homeownership and rental trends. This small community has maintained a relatively stable population over the past decade, with a slight increase from 7,331 in 2020 to 7,427 in 2022. The area has consistently high homeownership rates, hovering around 77%, while average home prices and rent have shown notable fluctuations.
The homeownership rate in zip code 15851 has remained remarkably steady, maintaining 77% from 2013 to 2022, with only a slight dip to 75% in 2019. This stability in homeownership occurred despite significant changes in average home prices. The average home price increased from $84,918 in 2010 to $103,157 in 2022, representing a 21.5% increase over 12 years. Notably, there was a sharp rise in prices from 2019 to 2021, with average home values jumping from $91,559 to $104,524, a 14.2% increase in just two years.
Federal interest rates have played a role in homeownership trends in the area. The period of extremely low interest rates from 2010 to 2021, where rates remained below 2.2%, coincided with the stable homeownership rate. This suggests that the low-interest environment may have helped maintain homeownership levels by keeping mortgages affordable, even as home prices increased.
Renter percentages in zip code 15851 have remained consistent at 23% from 2013 to 2022, with a brief increase to 25% in 2019. Average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $587, which increased to $774 in 2021, a substantial 31.9% rise. However, 2022 saw a decrease to $697, indicating some moderation in the rental market. The stability in renter percentages despite rising rents suggests a consistent demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 15851 decreased to $98,341 in 2023, a 4.7% drop from 2022. However, 2024 has seen a slight recovery, with prices rising to $99,754. This recent trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the moderation in home prices by potentially reducing buyer demand.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in average home prices in zip code 15851. Based on historical data and current economic conditions, average home prices could reach approximately $110,000 to $115,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $800 to $850 per month in the next five years, assuming steady economic growth and consistent demand for rental properties in the area.
In summary, zip code 15851 demonstrates a resilient housing market with stable homeownership rates despite fluctuating home prices and rents. The area has weathered significant economic changes, including periods of low interest rates and recent rate hikes, while maintaining a consistent ratio of homeowners to renters. The recent moderation in home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
