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Coplay, PA: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coplay, a small community in Pennsylvania, has experienced notable shifts in housing dynamics over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in Coplay, providing insights into the local real estate market.
Homeownership in Coplay has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 75%, decreasing to 71% by 2022. This minor decline coincided with a significant increase in average home prices. From 2013 to 2022, average home prices in Coplay rose from $171,783 to $281,138, representing a substantial 63.7% increase over the period.
The relationship between federal interest rates and homeownership rates in Coplay shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates stayed relatively stable at 72%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 71%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Coplay has seen a modest increase over the years, rising from 21% in 2013 to 29% in 2022. This growth in the renter population coincided with an increase in average rent prices. In 2013, the average rent was $1,006, which climbed to $1,052 by 2022, representing a 4.6% increase. It's worth noting that the population of Coplay also grew during this period, from 3,203 in 2013 to 3,390 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, average home prices in Coplay continued to rise, reaching $300,879 in 2023 and $315,462 in 2024. This represents a 12.2% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homeownership affordability in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Coplay will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,250 by 2029, assuming the growth rate remains similar to recent years.
In summary, Coplay has experienced a slight decrease in homeownership rates alongside a substantial increase in average home prices over the past decade. The renter population has grown modestly, with average rent prices showing a more gradual increase. Recent years have seen accelerated growth in home prices and a significant rise in interest rates, which may influence future housing market dynamics in this Pennsylvania community.
