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Zip Code 15955: High Homeownership and Fluctuating Home Values in Beaverdale, Pennsylvania
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 15955, located in Beaverdale, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 3,459 in 2022, has maintained a consistently high rate of homeownership while seeing fluctuations in average home and rent prices.
The homeownership rate in zip code 15955 has remained relatively stable, with a slight upward trend. In 2013, the homeownership rate was 86%, and it gradually increased to 87% by 2022. This stability in homeownership coincided with a significant increase in average home prices. From 2016 to 2022, average home prices rose from $107,317 to $147,333, representing a 37.3% increase over six years.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 1.83%. This low-interest environment likely contributed to the sustained high homeownership rates in the area. As interest rates began to rise in 2022 to 1.68%, the homeownership rate remained steady at 87%, suggesting a resilient local housing market.
Renter percentages in zip code 15955 have shown minor fluctuations, ranging from 10% to 13% between 2013 and 2022. Interestingly, average rent prices have been volatile during this period. In 2013, the average rent was $546, which increased to $705 in 2014, then fluctuated before settling at $606 in 2022. This represents a 10.9% increase in average rent from 2013 to 2022, despite the area's population decreasing from 4,033 to 3,459 during the same period.
In 2023 and 2024, the housing market in zip code 15955 experienced a shift. Average home prices decreased from $147,333 in 2022 to $139,760 in 2023, and further to $125,195 in 2024, marking a 15% decline over two years. This downturn coincided with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and demand.
Looking ahead, predictive models suggest a potential stabilization in average home prices over the next five years, with modest growth possible if interest rates moderate. Average rent prices are forecasted to continue their gradual upward trend, potentially reaching around $650-$700 by 2029, assuming steady local economic conditions and housing demand.
In summary, zip code 15955 has maintained a high and stable homeownership rate despite fluctuations in housing prices and federal interest rates. The area has seen significant growth in average home values from 2016 to 2022, followed by a recent decline. Rent prices have shown volatility but with an overall upward trend. The interplay between homeownership rates, housing prices, and economic factors will continue to shape the local real estate market in the coming years.
