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Coudersport: Housing Market Fluctuations Amidst Scenic Beauty
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coudersport, located in Pennsylvania, has experienced notable fluctuations in its housing market and population dynamics over the past decade. This small town, known for its scenic beauty and historical significance, has seen shifts in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local factors. The homeownership rate in Coudersport has shown a varying trend over the years. In 2013, the homeownership rate stood at 64%, but it experienced fluctuations in subsequent years. There was an initial increase to 68% in 2015, followed by a decline to 53% in 2019. However, the trend reversed again, with homeownership rising to 63% by 2022. Interestingly, these changes in homeownership rates have corresponded with trends in average home prices. The average home price in Coudersport was $118,735 in 2013, and it remained relatively stable until 2019 when it began to increase more rapidly. By 2022, the average home price had risen to $163,810, representing a significant 38% increase from 2013.
The relationship between federal interest rates and homeownership rates in Coudersport aligns with well-established economic principles. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates in the borough remained relatively high, ranging from 64% to 68%. As interest rates began to rise from 2017 onwards, there was a corresponding decline in homeownership rates, dropping to 53% by 2019. However, the sharp decrease in interest rates in 2020 and 2021 coincided with a rebound in homeownership rates, reaching 63% by 2022.
The rental market in Coudersport has also experienced notable changes. The percentage of renters increased from 36% in 2013 to a peak of 47% in 2019, before decreasing to 37% in 2022. Average rent prices have generally trended upward during this period, rising from $587 in 2013 to $741 in 2022, a 26% increase. This upward trend in rent prices occurred despite fluctuations in the renter population, suggesting other factors such as housing supply and local economic conditions may have influenced rental costs.
In 2023 and 2024, Coudersport's housing market continued to evolve. The average home price reached $167,917 in 2023, the highest point in the dataset, before slightly decreasing to $165,583 in 2024. This represents a 1.4% decline from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and further increasing to 5.33% in 2024, potentially influencing home buying decisions and market dynamics.
Looking ahead, predictive models suggest that average home prices in Coudersport may continue to experience moderate growth over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Coudersport has witnessed significant changes in its housing market over the past decade. The interplay between homeownership rates, average home prices, and federal interest rates has been evident, with periods of lower interest rates generally corresponding to higher homeownership rates. The rental market has shown a trend of increasing prices, despite fluctuations in the renter population. Recent data from 2023 and 2024 indicate a slight cooling in the housing market, potentially influenced by rising interest rates. As Coudersport moves forward, these trends will likely continue to shape its housing landscape, with moderate growth expected in both home prices and rental costs.
