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Zip Code 16210: Rising Home Values and Ownership Rates in West Hills, 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 16210, located in West Hills, Pennsylvania, has experienced significant fluctuations in population and housing dynamics over the past decade. This area has shown a general trend of decreasing population, with homeownership rates remaining relatively high but volatile. The average home prices and average rent prices have displayed interesting patterns, reflecting the changing economic landscape of the region.
Homeownership rates in zip code 16210 have generally remained high, fluctuating between 83% and 92% from 2013 to 2022. The average home prices show a notable upward trend, particularly in recent years. In 2015, the average home price was $92,392, which increased to $142,815 by 2022, representing a substantial 54.6% growth over seven years. This rise in home prices coincided with some fluctuations in homeownership rates, with the highest rate of 92% observed in 2021 when the average home price was $130,338.
Federal interest rates appear to have influenced homeownership rates in this area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained stable around 88-89%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 86% in 2017, followed by an increase to 90% in 2018. The sudden drop in interest rates to 0.38% in 2020 coincided with a maintained 90% homeownership rate, suggesting that lower rates may have supported sustained high levels of homeownership.
Renter percentages in zip code 16210 have generally been low, ranging from 8% to 17% between 2013 and 2022. The average rent prices have shown considerable volatility. In 2013, the average rent was $734, which peaked at $897 in 2015 before declining to $670 in 2022. Interestingly, the highest renter percentage of 17% was observed in 2022, despite the average rent being at its lowest point in the available data. This could suggest that factors beyond rent prices, such as changing demographics or economic conditions, are influencing renting decisions in the area.
In 2023 and 2024, the average home prices in zip code 16210 have stabilized somewhat. The average home price in 2023 was $141,383, showing a slight decrease from 2022. In 2024, there's a marginal increase to $141,527. This stability comes despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, based on the historical trends and current economic conditions, we can project some potential scenarios for the next five years. Average home prices may continue to rise, but at a more moderate pace, potentially reaching around $150,000 to $160,000 by 2029. Average rent prices, which have been decreasing, might stabilize or see a slight increase, potentially reaching $700 to $750 per month in the next five years.
In summary, zip code 16210 has maintained high homeownership rates despite rising average home prices, suggesting a strong preference for homeownership in this area. The inverse relationship between federal interest rates and homeownership rates highlights the impact of monetary policy on housing markets. The rental market has shown volatility, with recent trends indicating lower average rents but higher renter percentages. Moving forward, we can expect continued but moderate growth in home prices, stabilization in rent prices, and potentially shifting dynamics between ownership and rental markets influenced by broader economic factors and local demographic changes.
