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Curwensville: Average Home Values and Ownership Trends 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
Curwensville, located in Pennsylvania, is a small community with a rich history and a population that has fluctuated over the years. As of 2022, the borough had 2,559 residents, reflecting a slight increase from previous years. The ownership and rental landscape in Curwensville has seen interesting shifts, with homeownership rates generally remaining high but experiencing some changes alongside fluctuations in average home prices and rent.
The homeownership rate in Curwensville has shown a slight downward trend over the past decade. In 2013, 71% of residents owned their homes, while by 2022, this figure had decreased to 69%. During this same period, average home prices demonstrated an overall upward trajectory. In 2013, the average home price was $94,316, which increased to $125,341 by 2022, representing a substantial 32.9% rise over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Curwensville. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 70% to 72%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, there was a corresponding slight decline in homeownership rates, dropping to 69% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in Curwensville has experienced its own set of changes. The percentage of renters increased from 29% in 2013 to 31% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $576, which peaked at $810 in 2018 before declining to $622 in 2022. This represents a 7.9% overall increase in average rent from 2013 to 2022, despite the fluctuations. The increase in the renter population, coupled with the overall rise in rent prices, suggests a growing demand for rental properties in the borough.
In 2023 and 2024, Curwensville experienced some notable changes in the housing market. The average home price in 2023 was $124,713, showing a slight decrease from 2022. This trend continued into 2024, with average home prices further declining to $115,678. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of home prices, as higher borrowing costs typically dampen housing demand.
Looking ahead, predictive models suggest that average home prices in Curwensville may continue to experience some downward pressure in the short term due to the high interest rate environment. However, as the market adjusts, prices are expected to stabilize and potentially see modest growth over the next five years. Rent prices, on the other hand, are projected to maintain a gradual upward trend, driven by the increasing renter population and overall housing demand in the borough.
In summary, Curwensville has witnessed a gradual shift towards a slightly higher proportion of renters, alongside fluctuating but generally increasing average home and rent prices over the past decade. The recent rise in interest rates has coincided with a cooling in the housing market, but long-term trends suggest continued demand for both owned and rented properties in this Pennsylvania community.
