Loading Content...
Zip Code 16033: Rising Home Values and High Ownership Rates in Evans City, 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 16033, located in Evans City, Pennsylvania, has experienced notable demographic and housing market shifts over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, coupled with fluctuating rental market dynamics.
The homeownership rate in zip code 16033 has shown a slight upward trend, increasing from 75% in 2016 to 77% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2016, the average home price was $220,284, which steadily climbed to $309,635 by 2022, representing a 40.6% increase over six years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2016 to 2020, interest rates fluctuated between 0.4% and 2.16%, which likely contributed to the sustained high homeownership rates during this period. The exceptionally low rates in 2020 (0.38%) and 2021 (0.08%) may have further encouraged home buying, supporting the increase in homeownership to 77% by 2022.
Renter percentages in zip code 16033 have remained relatively stable, ranging from 22% to 25% between 2013 and 2022. However, average rent prices have shown more volatility. In 2013, the average rent was $876, which increased to $996 by 2019, representing a 13.7% rise. Interestingly, there was a sharp increase to $1,091 in 2021, followed by a significant drop to $855 in 2022. This fluctuation in rent prices, especially the recent decrease, could be attributed to various factors including changes in housing supply, local economic conditions, or shifts in population demographics.
Looking at the most recent data, the average home price in zip code 16033 reached $318,105 in 2023 and further increased to $323,683 in 2024. This continued upward trend in home prices occurs alongside a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the housing market in this area appears to remain robust with steadily increasing prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16033 will continue to rise, albeit potentially at a slower rate due to the current higher interest rate environment. We project that by 2029, average home prices could reach approximately $360,000 to $380,000, assuming a moderate annual growth rate of 2-3%. For rent prices, the forecast suggests a potential stabilization and gradual increase, with average rents potentially reaching $1,000 to $1,100 per month by 2029, factoring in historical fluctuations and assuming a modest annual growth of 1-2%.
In summary, zip code 16033 has demonstrated a strong housing market with increasing homeownership rates and steadily rising home prices over the past decade. The area has maintained a high proportion of homeowners despite significant home price appreciation. While rent prices have shown more volatility, the overall trend suggests a relatively stable rental market. The continued rise in home prices, even in the face of higher interest rates, indicates sustained demand for housing in this area, which is likely to persist in the coming years.
