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Beaver Meadows: Resilient Housing Market Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beaver Meadows, located in Pennsylvania, is a small community with a population that has fluctuated between 644 and 884 residents over the past decade. This borough has experienced interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Beaver Meadows has remained relatively stable, fluctuating between 66% and 73% from 2013 to 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $70,816, which steadily increased to $146,603 by 2022, representing a substantial 107% increase over nine years. This rise in home prices did not seem to significantly impact homeownership rates, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in Beaver Meadows remained relatively high, between 66% and 73%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at around 69%. This stability in homeownership despite rising interest rates suggests other factors, such as local economic conditions or housing supply, may have played a more significant role in Beaver Meadows' housing market.
Renter percentages in Beaver Meadows have inversely mirrored homeownership rates, ranging from 27% to 34% between 2013 and 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $598, which increased to $1,043 by 2022, representing a 74% increase. Notably, there was a significant jump in average rent from $815 in 2018 to $893 in 2019, coinciding with a population increase from 756 to 884. This suggests that population growth may have put upward pressure on rental prices.
In 2023, the average home price in Beaver Meadows reached $162,432, with interest rates at 5.02%. The 2024 data shows a slight increase in average home prices to $164,612, while interest rates further rose to 5.33%. This continued rise in both home prices and interest rates suggests a robust housing market despite potentially higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Beaver Meadows may continue to rise over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume continued economic stability and gradual population growth in the borough.
In summary, Beaver Meadows has demonstrated a resilient housing market with steadily increasing home and rent prices over the past decade. Homeownership rates have remained relatively stable despite these increases, suggesting a strong local demand for housing. The relationship between federal interest rates and local housing trends appears complex, with local factors potentially playing a significant role. As the borough moves forward, it will be crucial to monitor how these trends evolve, particularly in light of recent interest rate increases and their potential impact on housing affordability and ownership patterns.
