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Easton, Pennsylvania: Rising Home Values Amid Shifting Ownership Trends in Historic College Town
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
Easton, a vibrant city in Pennsylvania, has experienced notable shifts in its housing landscape over the past decade. Located along the Delaware River, this historic city boasts a rich cultural heritage and is home to Lafayette College. As of 2022, Easton's population stood at 29,278, with a population density of 6,867 people per square mile. The city has seen dynamic changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market forces.
The homeownership rate in Easton has shown a slight decline over the years. In 2013, 48% of the housing units were owner-occupied. This percentage decreased to 46% by 2018 and then slightly increased to 47% in 2022. Concurrently, average home prices in Easton have demonstrated a significant upward trend. In 2013, the average home price was $166,788. By 2022, this figure had risen dramatically to $304,353, representing an impressive 82.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Easton follows a typical pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates remained relatively stable. However, the sharp increase in interest rates to 5.02% in 2023 and 5.33% in 2024 may have contributed to the slight decrease in homeownership rates observed in recent years.
The renter population in Easton has shown a corresponding increase as homeownership rates declined. The percentage of renter-occupied units rose from 52% in 2013 to 54% in 2018, before settling at 53% in 2022. Average rent prices have also seen an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,008 per month. This increased to $1,175 in 2021, representing a 16.6% rise over eight years. However, there was a slight decrease to $1,050 in 2022, possibly reflecting market adjustments or changes in the rental property mix.
Looking at the most recent data, average home prices in Easton continued their upward trajectory, reaching $318,637 in 2023 and $337,681 in 2024. This represents a 4.7% year-over-year increase from 2022 to 2023 and a further 6% increase from 2023 to 2024. These increases occurred despite the higher interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong demand in the Easton housing market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Easton. Based on the historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029. Average rent prices may also see steady increases, potentially approaching $1,300 per month within the same timeframe. These projections assume stable economic conditions and continued population growth in the area.
In summary, Easton has experienced a gradual shift towards a higher proportion of renters over the past decade, alongside substantial increases in both average home prices and rent prices. The city's real estate market has shown resilience, with home prices continuing to rise even in the face of higher interest rates. These trends reflect Easton's growing appeal as a residential area, likely driven by its rich history, cultural amenities, and proximity to major urban centers.
