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Bloomsburg's Rising Home Values and Ownership Rates: A Decade of Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bloomsburg, a charming town in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape.
The homeownership rate in Bloomsburg has fluctuated over the years, showing a slight overall increase from 36% in 2013 to 38% in 2022. During this period, average home prices have demonstrated a steady upward trend. In 2013, the average home price was $162,250, which increased to $234,309 by 2022, representing a significant 44.4% growth over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained stable at 36%. However, as interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 34% in 2018 and 2019. Interestingly, despite rising interest rates, homeownership rebounded to 38% by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in Bloomsburg have shown a corresponding inverse relationship to homeownership rates, ranging from 62% to 67% between 2013 and 2022. The average rent prices have seen a substantial increase during this period. In 2013, the average rent was $603, which rose to $900 by 2022, marking a 49.3% increase. This rise in rent prices occurred alongside a gradual decrease in population from 14,654 in 2013 to 12,836 in 2022, indicating that factors beyond population growth were driving up rental costs.
In 2023, the average home price in Bloomsburg reached $240,503, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $242,305, while interest rates climbed to 5.33%. These figures demonstrate a continuing upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Bloomsburg may continue to rise over the next five years, potentially reaching around $260,000 by 2029. Average rent prices are also expected to follow this upward trajectory, potentially surpassing $1,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Bloomsburg's housing market has shown resilience and growth over the past decade. The town has experienced a slight increase in homeownership rates despite rising home prices and interest rates. Simultaneously, the rental market has seen significant price appreciation, outpacing population growth. These trends suggest a robust demand for housing in Bloomsburg, with both the ownership and rental sectors showing signs of continued strength in the coming years.
