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Edinboro's Housing Market: Rising Home Values and Ownership in a University Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Edinboro, located in Pennsylvania, is a small city known for being home to Edinboro University. Over the past decade, this community has experienced notable shifts in its housing market, with changes in homeownership rates, average home prices, and average rent prices reflecting broader economic trends.
The homeownership rate in Edinboro has shown a general upward trend, increasing from 38% in 2013 to 44% in 2022. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $160,280, which grew to $237,426 by 2022, representing a 48% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $192,345 to $215,700, a 12.1% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Edinboro. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable at around 38-39%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a noticeable increase in homeownership, which rose to 45% that year. This suggests that residents may have been motivated to purchase homes before interest rates climbed further.
The rental market in Edinboro has experienced fluctuations in both occupancy rates and average rent prices. The percentage of renters decreased from 62% in 2013 to 56% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $866, which decreased to $752 in 2018 but then rose significantly to $962 by 2022. This 28% increase in average rent from 2018 to 2022 occurred despite a declining population, which fell from 6,523 in 2013 to 4,958 in 2022.
Looking at the most recent data, average home prices in Edinboro continued to rise, reaching $250,142 in 2023 and $258,130 in 2024. This represents a 5.3% increase from 2022 to 2023 and a further 3.2% increase from 2023 to 2024. Concurrently, federal interest rates have increased substantially, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Edinboro will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $290,000 to $300,000. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,100 to $1,200 per month by 2029, assuming current economic conditions and population trends persist.
In summary, Edinboro has seen a gradual increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. The rental market, while experiencing a decrease in the percentage of renters, has seen rising average rent prices, particularly in recent years. These trends, coupled with fluctuating interest rates and a declining population, paint a picture of a dynamic housing market in this Pennsylvania borough.
