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Conneaut Lake: Fluctuating Home Values and Ownership in a Small Pennsylvania Community
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
Conneaut Lake, nestled in Pennsylvania, is a small community with a population that has fluctuated over the years, reaching 193 residents in 2022. This charming borough has experienced interesting shifts in homeownership rates and housing costs over the past decade.
The homeownership rate in Conneaut Lake has shown considerable volatility between 2013 and 2022. In 2013, the homeownership rate stood at 76%, reaching a peak of 77% in 2019 and 2020. However, there was a significant drop to 58% in 2022, indicating a substantial shift towards renting in recent years. Despite this volatility, there is insufficient data on average home prices to establish a clear correlation between ownership rates and home values for most of this period.
Federal interest rates have shown a general downward trend from 2013 to 2020, which typically encourages homeownership. The rate dropped from 0.11% in 2013 to 0.38% in 2020. However, the homeownership rate in Conneaut Lake did not consistently follow this trend, suggesting that local factors may have played a more significant role in housing decisions than national interest rates.
Renter percentages in Conneaut Lake have generally mirrored the inverse of homeownership rates, with a notable increase from 22% in 2020 to 41% in 2022. Average rent prices have shown an overall upward trend, rising from $819 in 2013 to a peak of $863 in 2018. However, there was a decline in recent years, with the average rent dropping to $737 in 2022. This decline in rent prices occurred simultaneously with an increase in the renter population, which could indicate an oversupply of rental properties or economic pressures affecting the local housing market.
In 2023 and 2024, we observe a significant change in the housing market of Conneaut Lake. The average home price in 2023 was $188,107, decreasing slightly to $185,720 in 2024. This represents the first available data on home prices for the borough in our dataset. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the limited data available, we can project potential trends for the next five years. Average home prices may continue to experience modest fluctuations, potentially ranging between $180,000 and $195,000, assuming stable economic conditions. Rent prices could stabilize or show a slight increase, possibly reaching around $800-$850 per month by 2029, if the recent upward trend resumes.
In summary, Conneaut Lake has experienced significant shifts in its housing market, with a recent trend towards increased renting. The introduction of home price data in 2023 and 2024 provides a new baseline for understanding the local real estate market. The interplay between federal interest rates, local economic factors, and housing preferences will likely continue to shape the borough's residential landscape in the coming years.
