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DuBois, Pennsylvania: Rising Home Values and Ownership Rates Amidst Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
DuBois, located in Pennsylvania, is a small urban area with a rich history dating back to its founding in the late 19th century. Over the past decade, the city has experienced subtle shifts in its housing market, with homeownership rates and average home prices showing interesting trends. The city has maintained a relatively stable balance between owner-occupied and renter-occupied housing units, while average home prices have generally trended upward.
Homeownership rates in DuBois have shown slight fluctuations over the years, with a general trend towards increasing ownership. In 2013, the homeownership rate stood at 57%, and by 2022, it had increased to 60%. This 3% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $98,894, and by 2022, it had risen to $155,339, representing a substantial increase of 57% over this period. This trend suggests that despite rising home prices, more residents were able to enter the housing market as owners.
The relationship between federal interest rates and homeownership rates in DuBois appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 57% to 59%. However, even as interest rates began to rise more sharply from 2017 onwards, homeownership rates in DuBois continued to increase, reaching 60% by 2022, indicating other local factors may have influenced this trend.
Renter percentages in DuBois have shown a slight decrease over time, moving from 43% in 2013 to 40% in 2022. Interestingly, this decrease in the proportion of renters occurred alongside an increase in average rent prices. The average rent rose from $696 in 2013 to $761 in 2022, an increase of about 9.3%. This trend suggests that despite rising rent prices, the rental market in DuBois has slightly contracted, possibly due to more residents transitioning to homeownership.
Looking at the most recent data, average home prices in DuBois reached $158,734 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $156,436. This recent dip coincides with higher interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in DuBois will continue to show moderate growth, albeit at a slower pace than in recent years due to higher interest rates. We expect average home prices to reach approximately $170,000 by 2029. For rent prices, the forecast suggests a continued gradual increase, potentially reaching an average of around $850 per month by 2029.
In summary, DuBois has experienced a gradual increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. The rental market has seen a slight contraction in the percentage of renters, despite rising rent prices. Recent data shows a slight cooling in the housing market, likely influenced by rising interest rates. Looking ahead, moderate growth in both home prices and rent is expected, reflecting the city's stable housing market dynamics.
