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Zip Code 16123: Rising Home Values and Strong Ownership in Zelienople, 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
Zelienople, located in zip code 16123 in Pennsylvania, is a small community with a rich history dating back to the early 19th century. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Zelienople has shown notable variations from 2013 to 2022. In 2013, 80% of residents owned their homes. This rate decreased to 69% by 2019, indicating a shift towards renting. However, a reversal occurred in recent years, with homeownership rising to 80% in 2022. Concurrently, average home prices have steadily increased. In 2013, the average home price was $147,757, which rose to $206,890 by 2022, representing a 40% increase over this period.
The relationship between federal interest rates and homeownership rates in Zelienople aligns with typical economic patterns. For instance, when interest rates were at historic lows (0.08% in 2021), homeownership increased from 75% in 2020 to 81% in 2021. This trend supports the notion that lower interest rates often encourage home buying due to more affordable mortgage options.
Renter percentages and average rent prices in Zelienople have shown interesting trends. The percentage of renters peaked at 31% in 2019, coinciding with an average rent of $955. However, as the renter population decreased to 20% by 2022, average rent prices continued to rise, reaching $978. This suggests that despite a smaller renter population, demand for rental properties remained strong, possibly due to factors such as limited housing inventory or changing demographics.
In 2023 and 2024, Zelienople experienced further increases in average home prices and interest rates. The average home price rose to $210,185 in 2023 and then jumped significantly to $233,628 in 2024, a 11.2% increase in just one year. Simultaneously, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that average home prices in Zelienople may continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Zelienople has witnessed a resurgence in homeownership rates in recent years, despite rising home prices. The interplay between interest rates, home prices, and rental market dynamics has shaped the local housing landscape. The significant jump in average home prices from 2023 to 2024, coupled with rising interest rates, suggests a robust housing market that may continue to evolve in the coming years.
