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Zip Code 16915: Rising Home Values and Ownership Trends in Coudersport's Spacious Rural Area
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 16915, located in Coudersport, Pennsylvania, is a spacious rural area covering 229.66 square miles. This zip code has experienced fluctuating homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 16915 has shown a slight increase over time, from 73% in 2013 to 76% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $116,570, which steadily increased to $164,041 by 2022, representing a 40.7% increase over nine years. This correlation suggests that rising property values may have encouraged more residents to invest in homeownership, possibly viewing it as a sound financial decision.
Federal interest rates have played a role in homeownership trends in zip code 16915. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively stable at 71% in 2020 and 73% in 2021. This stability in homeownership during a period of low interest rates suggests that affordable financing options may have helped maintain homeownership levels despite rising home prices.
Renter percentages in zip code 16915 have shown a slight decrease, from 27% in 2013 to 24% in 2022. Interestingly, average rent prices have increased significantly during this period, rising from $540 in 2013 to $748 in 2022, a 38.5% increase. This trend suggests that despite rising rent costs, fewer residents are choosing to rent. The population has remained relatively stable, decreasing slightly from 5,760 in 2013 to 5,621 in 2022, indicating that the shift towards homeownership is not primarily driven by population changes.
In 2023, the average home price in zip code 16915 reached $168,052, the highest point in the dataset, while federal interest rates rose to 5.02%. Moving into 2024, we see a slight decrease in average home prices to $165,425, with interest rates further increasing to 5.33%. This recent data suggests a potential cooling in the housing market, possibly influenced by the higher interest rates.
Looking ahead, predictive models forecast a continued but moderate increase in both average home and rent prices over the next five years. Home prices are expected to reach approximately $180,000 by 2029, while average rent could approach $850 per month. These projections assume steady economic conditions and gradual population growth.
In summary, zip code 16915 has demonstrated a trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining homeownership rates despite significant increases in both home prices and rent. The recent slight decrease in home prices, coupled with rising interest rates, may indicate a shift in the local housing market dynamics, potentially affecting future homeownership trends and property values.
