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Cranesville, PA: 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
Cranesville, located in Pennsylvania, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing a complex interplay between these factors and the broader economic landscape. The homeownership rate in Cranesville has shown a gradual decline from 2013 to 2022. In 2013, 89% of residents were homeowners, but by 2022, this figure had decreased to 85%. Concurrently, average home prices have seen a substantial increase. In 2013, the average home price was $119,489, rising steadily to reach $191,540 by 2022, representing a 60% increase over this period. The relationship between federal interest rates and homeownership rates in Cranesville appears to follow established trends. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.4%, homeownership rates remained relatively stable, fluctuating between 86% and 92%. However, as interest rates began to rise more significantly in 2022 to 1.68%, homeownership rates stabilized at 85%, suggesting that higher interest rates may be deterring some potential homebuyers.
Renter percentages in Cranesville have increased from 11% in 2013 to 15% in 2022, mirroring the decline in homeownership. Average rent prices have shown some volatility during this period. In 2013, the average rent was $713, dropping to $588 in 2014 before rising again to $771 in 2022. This represents an 8% increase in average rent from 2013 to 2022, despite fluctuations in between. The increase in renter percentages could be attributed to rising home prices making homeownership less accessible, particularly for younger residents or those with lower incomes.
In 2023 and 2024, Cranesville continued to see growth in average home prices, reaching $198,649 in 2023 and $205,474 in 2024. This represents a 7.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Cranesville will continue to rise over the next five years, potentially reaching around $240,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $850 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Cranesville has experienced a steady decline in homeownership rates alongside significant increases in average home prices. The rental market has grown, with both the percentage of renters and average rent prices showing an upward trend. The recent sharp rise in interest rates, coupled with consistently increasing home prices, may continue to shape the housing market dynamics in this Pennsylvania borough, potentially favoring the rental market in the near future.
