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Zip Code 16002: Stable Homeownership and Rising Property Values in Nixon, 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 16002, located in Nixon, Pennsylvania, presents an interesting case study of homeownership and housing market trends. This area, covering 70.83 square miles, has maintained a consistently high rate of homeownership over the years, with a slight increase in recent times. The average home prices and average rent prices have shown notable fluctuations, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 16002 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 80%, and by 2022, it had increased to 82%. This 2% increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $185,068, and by 2022, it had risen to $274,803, representing a substantial 48.5% increase over this period. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners, possibly due to its desirable location or community amenities.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 16002. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained stable at 80-81%, while average home prices increased from $185,068 to $201,272. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership to 82% by 2022, suggesting that residents may have been motivated to purchase homes before rates climbed further.
Renter percentages in zip code 16002 have shown a slight decrease, from 20% in 2013 to 18% in 2022. This decline in renters corresponds with fluctuations in average rent prices. In 2013, the average rent was $726, which peaked at $907 in 2016 before declining to $727 in 2022. The population has remained relatively stable during this period, decreasing slightly from 16,853 in 2013 to 16,464 in 2022. This combination of factors suggests that while the rental market has experienced some volatility, the area has generally favored homeownership.
In 2023 and 2024, the housing market in zip code 16002 continued to evolve. The average home price reached $282,819 in 2023 and further increased to $287,045 in 2024, representing a 2.9% and 1.5% year-over-year increase, respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient housing market in the area, with home values continuing to appreciate even in the face of higher borrowing costs.
Looking ahead, we can expect the housing market in zip code 16002 to continue its upward trajectory, albeit at a more moderate pace. Based on historical trends and current market conditions, we project that average home prices could reach approximately $315,000 by 2029, representing a potential increase of about 10% over five years. Average rent prices are likely to follow a similar pattern, potentially reaching around $800 per month by 2029, an increase of about 10% from 2022 levels.
In summary, zip code 16002 demonstrates a strong preference for homeownership, with a slight increase in owner-occupied housing despite rising home prices. The area has shown resilience to fluctuating interest rates and economic conditions, maintaining a stable population and housing market. The continued appreciation of home values, even in the face of rising interest rates, suggests a robust local economy and sustained demand for housing in this Pennsylvania community.
