Conversely, the percentage of renters in zip code 16627 has decreased from 20% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown a consistent upward trend. The average rent increased from $559 in 2013 to $743 in 2022, representing a 32.9% increase over this period. This rise in rent prices, despite a shrinking renter population, could be attributed to factors such as improved housing quality or limited rental stock in the area.

In 2023 and 2024, we observe significant changes in the housing market for zip code 16627. The average home price in 2023 was $93,974, which then decreased to $84,508 in 2024, marking a 10% decline. This drop in home prices occurs alongside a notable increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may be contributing to the downward pressure on home prices by potentially reducing buyer demand.

Looking ahead, based on current trends and economic indicators, we can project the following 5-year trends for zip code 16627: 1. Average home prices are likely to stabilize and potentially see modest growth after the recent decline, assuming interest rates normalize. 2. Average rent prices are expected to continue their upward trajectory, potentially reaching around $850-$900 by 2029, following the consistent year-over-year increases observed in the past decade. 3. The homeownership rate may plateau or slightly decrease if interest rates remain high, potentially settling around 85-86% by 2029. In summary, zip code 16627 has experienced a significant increase in homeownership rates over the past decade, likely influenced by historically low interest rates. Despite a decreasing renter population, average rent prices have steadily increased. The recent rise in interest rates and subsequent drop in home prices in 2024 mark a potential turning point in the local housing market, suggesting a period of adjustment ahead for both homeowners and renters in this Pennsylvania community.