Renter percentages in zip code 17045 have remained relatively low, fluctuating between 19% and 23% from 2013 to 2022. Average rent prices, however, have shown significant volatility. In 2013, the average rent was $576, which increased to $830 by 2022, a 44% rise over nine years. The most substantial increase occurred between 2017 and 2018, when average rent jumped from $520 to $700, a 34.6% increase in a single year. This sharp rise in rent prices did not correspond with a significant change in the renter population, suggesting other local market factors were at play.

Looking at the most recent data, the average home price in zip code 17045 reached $248,434 in 2023, a 2.1% increase from 2022. However, in 2024, there was a slight decrease to $246,678, marking a 0.7% decline. This recent dip coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially affecting home buying affordability and market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17045 will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, we project average home prices could reach approximately $275,000 to $285,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $950 to $1,000 per month by 2029.

In summary, zip code 17045 has maintained a high rate of homeownership despite significant increases in average home prices. The area has seen substantial growth in both home values and rent prices over the past decade, with particularly notable increases in recent years. The slight decline in home prices in 2024, coupled with rising interest rates, may indicate a potential market adjustment. However, the long-term trend suggests continued growth in both home values and rent prices, albeit potentially at a slower rate than seen in the immediate past.