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Boswell's Housing Market: Homeownership and Values Rise Amid Coal Mining Heritage
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
Boswell, located in Pennsylvania, is a small community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates and significant changes in average home and rent prices. This analysis will explore these trends and their relationships to provide insights into Boswell's housing market.
The homeownership rate in Boswell has shown some variability over the years, with a general trend towards increased ownership. In 2013, the homeownership rate stood at 62%, and by 2022, it had risen to 68%. This 6 percentage point increase suggests a growing preference for homeownership in the community. Concurrently, average home prices have seen substantial growth. In 2015, the average home price was $89,008, and by 2022, it had increased to $152,036, representing a remarkable 70.8% increase over seven years.
The relationship between federal interest rates and homeownership rates in Boswell reveals some interesting patterns. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates fluctuated between 60% and 63%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially dipped to 56% in 2017 but then rebounded to 63% by 2019. This suggests that while lower interest rates generally encourage homeownership, other local factors may also play a significant role in Boswell's housing market dynamics.
Renter percentages and average rent prices in Boswell have also shown notable trends. The percentage of renters decreased from 44% in 2017 to 32% in 2022, indicating a shift towards homeownership. Despite this decrease in renter population, average rent prices have generally increased. In 2013, the average rent was $413, rising to $505 by 2022, representing a 22.3% increase. This upward trend in rent prices, despite a decreasing renter population, suggests a tightening rental market or an improvement in the quality of rental properties available.
Looking at the most recent data, the average home price in Boswell reached $155,044 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $152,608, indicating a potential cooling in the housing market. This coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024, potentially affecting home affordability and demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Boswell may continue to show moderate growth, albeit at a slower pace than observed in recent years. The high interest rates could temper rapid price increases, potentially leading to a more stable market. For rent prices, the forecast suggests a continued upward trend, though the rate of increase may be more modest compared to recent years, influenced by the overall housing market conditions and local economic factors.
In summary, Boswell has experienced a notable increase in homeownership rates and significant growth in average home prices over the past decade. The rental market has seen rising prices despite a decreasing renter population. Recent data shows a slight cooling in the housing market, possibly influenced by rising interest rates. Moving forward, we expect moderate growth in both home prices and rent, with the potential for a more stabilized market influenced by broader economic conditions and local housing demand.
