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Zip Code 16022: Stable Homeownership and Rising Home Values in Bruin, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 16022, located in Bruin, Pennsylvania, is a small community with a population of 83 as of 2022. This area has experienced relatively stable homeownership rates over the past decade, with a slight increase in recent years. The average home and rent prices have shown an upward trend, reflecting broader economic changes in the region.
The homeownership rate in zip code 16022 has remained relatively high, fluctuating between 79% and 85% from 2013 to 2022. In 2013, the homeownership rate was 85%, and it remained stable at 84% in 2022. Despite some minor fluctuations, there has been a general trend of high homeownership in this area. Average home prices for this zip code were not available for most of the analyzed period, limiting our ability to directly correlate homeownership rates with home prices.
Federal interest rates have shown significant variations over the years, potentially influencing homeownership rates in zip code 16022. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), the homeownership rate remained relatively stable at around 82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code actually increased slightly to 84%, suggesting that other local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
Renter percentages in zip code 16022 have remained relatively low, ranging from 15% to 18% between 2013 and 2022. The average rent prices, however, have shown significant fluctuations. In 2013, the average rent was $733, which increased to $757 in 2014. There was a notable drop to $566 in 2015, followed by gradual increases in subsequent years. By 2022, the average rent had risen to $890, representing a 21.4% increase from 2013 despite minor population fluctuations. This upward trend in rent prices, even with a relatively stable renter population, suggests increasing housing costs in the area.
In 2023 and 2024, we observe significant changes in the housing market for zip code 16022. The average home price in 2023 was $121,050, which slightly decreased to $119,552 in 2024, indicating a minor correction in the local housing market. Concurrently, federal interest rates rose substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends and current economic conditions, we can expect average home prices in zip code 16022 to stabilize or show modest growth over the next five years. The average home price might reach around $125,000 by 2029. For rent prices, the upward trend is likely to continue, albeit at a slower pace. We might see average rents increase to approximately $950-$1,000 per month by 2029.
In summary, zip code 16022 has maintained a high homeownership rate despite fluctuations in the broader economy. The recent rise in average rent prices, coupled with the introduction of home price data, suggests a growing housing market in this area. The significant increase in interest rates in 2023 and 2024 may influence future homeownership trends and housing affordability. Moving forward, we anticipate moderate growth in both home prices and rent, reflecting the area's stable population and consistent demand for housing.
