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Atlantic, Pennsylvania: Rising Home Values and Ownership Rates Amid Stable Population
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
Atlantic, Pennsylvania, is a small community that has experienced fluctuations in its population and housing dynamics over the years. The city has shown a general trend of increasing homeownership rates and rising average rent prices, with some notable shifts in recent years.
The homeownership rate in Atlantic has seen a significant increase from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 82%, which rose to 88% by 2022. This upward trend in homeownership coincided with changes in average rent prices. The median rent in 2013 was $638, which decreased to $443 in 2016 before rising again to reach $925 in 2022. This substantial increase in rent prices may have contributed to the higher homeownership rates as renting became less affordable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Atlantic. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate increased from 82% to 83%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, reaching 88% in 2022. This suggests that despite rising interest rates, other factors such as increasing rent prices may have encouraged more residents to pursue homeownership.
The renter population in Atlantic has decreased over time, with the percentage of renter-occupied homes falling from 18% in 2013 to 11% in 2022. This decline in renters corresponds with the rise in average rent prices, which increased by 45% from $638 in 2013 to $925 in 2022. The population of Atlantic has remained relatively stable during this period, fluctuating between 270 and 329 residents, which suggests that the shift from renting to owning is not primarily driven by population changes but rather by economic factors and housing market conditions.
In 2023 and 2024, the average home price in Atlantic is reported as $185,028. This figure represents the current market value of homes in the area. The federal interest rate increased significantly to 5.02% in 2023 and further to 5.33% in 2024, which may impact future homeownership trends and housing affordability in the community.
Looking ahead, based on the observed trends, we can predict that average home prices in Atlantic may continue to rise moderately over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,000 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high, as this could affect housing demand and affordability.
In summary, Atlantic has experienced a notable increase in homeownership rates, rising from 82% in 2013 to 88% in 2022. This trend has occurred alongside fluctuating but generally increasing rent prices and despite rising interest rates in recent years. The community has seen a corresponding decrease in the renter population, with average rent prices showing significant growth. These trends suggest a shift towards homeownership in Atlantic, possibly driven by a combination of economic factors and local housing market conditions.
