Loading Content...
Zip Code 16001: Stable Homeownership Amidst Rising Home Values in Shanor-Northvue, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 16001, located in Shanor-Northvue, Pennsylvania, has demonstrated interesting homeownership and rental trends over the past decade. This area has experienced fluctuations in both average home prices and average rent prices, while homeownership rates have remained relatively stable around 68% since 2013.
The relationship between homeownership rates and average home prices in this zip code presents an intriguing pattern. In 2013, the homeownership rate stood at 69% with an average home price of $135,453. Despite a steady increase in average home prices to $196,463 by 2022, the homeownership rate remained relatively stable, only dropping slightly to 67%. This suggests that rising home prices have not significantly deterred homeownership in the area. For instance, even as average home prices jumped by 30.7% between 2013 and 2018 (from $135,453 to $157,299), the homeownership rate only decreased by 2 percentage points.
Federal interest rates have played a role in shaping homeownership trends in zip code 16001. The period from 2013 to 2015 saw historically low interest rates (0.11% to 0.13%), coinciding with a stable homeownership rate of 68-69%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership rates showed minor fluctuations but remained largely stable. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages and average rent prices in zip code 16001 have shown some correlation. In 2013, the renter-occupied percentage was 31%, with an average rent of $743. By 2022, the renter percentage increased slightly to 33%, while the average rent rose to $737. Interestingly, despite the population decrease from 40,045 in 2013 to 39,330 in 2022, average rent prices remained relatively stable, only decreasing by 0.8% over this period. This suggests a balanced rental market in the area, with supply and demand remaining relatively steady despite population changes.
Looking at more recent data, the average home price in zip code 16001 continued to rise, reaching $204,066 in 2023 and $207,925 in 2024. This represents a 5.8% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This sharp increase in interest rates could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16001 will continue to rise, albeit at a more moderate pace. Based on historical data, we project average home prices could reach approximately $225,000 to $235,000 by 2029. Average rent prices are expected to show modest growth, potentially reaching $850 to $900 by 2029, assuming current economic conditions and population trends persist.
In summary, zip code 16001 demonstrates a resilient housing market with stable homeownership rates despite rising average home prices. The rental market has remained balanced, with renter percentages and average rent prices showing only minor fluctuations. Recent increases in federal interest rates and continued growth in average home prices suggest that affordability may become a more significant factor in the coming years, potentially influencing both homeownership and rental trends in this Pennsylvania community.
