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Conway: Rising Home Values and Shifting Ownership Trends
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
Conway, Pennsylvania: Shifting Homeownership and Price Trends Conway, located in Pennsylvania, is a small community with a population of 2,105 as of 2022. This town has experienced significant shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in Conway has shown a notable decline since 2013. In 2013, 77% of residents owned their homes, but by 2022, this figure had dropped to 67%. This 10 percentage point decrease in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $101,935, which rose steadily to reach $158,747 by 2022, marking a 55.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Conway appears to follow the general trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2016, when interest rates remained below 0.5%, the homeownership rate stayed relatively stable, ranging from 77% to 82%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, the homeownership rate started to decline more rapidly, dropping to 74% by 2019.
As homeownership decreased, the percentage of renters in Conway increased from 23% in 2013 to 33% in 2022. Interestingly, despite this rise in renter population, average rent prices have shown some fluctuation. The average rent peaked at $797 in 2013, then dropped significantly to $568 in 2014. Since then, rent prices have generally trended upward, reaching $591 in 2022, but still remain below the 2013 peak. This trend suggests that while more residents are renting, the local rental market has not seen proportional price increases, possibly due to factors such as increased housing supply or local economic conditions.
In 2023 and 2024, Conway has continued to see growth in average home prices. The average home price reached $167,744 in 2023 and further increased to $180,608 in 2024. This represents a 13.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the consistent upward trend in home prices over the past decade, it's projected that average home prices in Conway could continue to rise over the next five years, potentially reaching around $220,000 by 2029. Rent prices, which have shown more volatility, may stabilize and gradually increase, possibly reaching an average of $650-$700 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Conway has experienced a significant shift from homeownership to renting over the past decade, coupled with a substantial increase in average home prices. Despite the growing renter population, rent prices have remained relatively stable. The recent sharp increase in interest rates may further impact these trends, potentially slowing home price growth and affecting affordability for potential homebuyers in the coming years.
