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Emmaus, PA: Rising Home Values and Stable Ownership in a Historic Borough
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
Emmaus, Pennsylvania, a charming borough in Lehigh County, boasts a rich history dating back to its founding by Moravian settlers in 1759. This vibrant community has successfully blended small-town charm with modern amenities. Over the past decade, Emmaus has experienced relatively stable homeownership rates, with a slight trend towards more renters. Concurrently, average home prices have shown significant growth, particularly in recent years, while average rent prices have also increased steadily.
The homeownership rate in Emmaus has remained fairly consistent, hovering around 66% from 2013 to 2022. However, there has been a slight decrease from 67% in 2013 to 66% in 2022. This minor shift coincides with a substantial increase in average home prices. In 2013, the average home price was $192,413, which rose dramatically to $318,409 by 2022, representing a 65.5% increase over nine years. This significant appreciation in home values may have made it more challenging for some residents to transition from renting to homeownership.
Federal interest rates have played a role in shaping homeownership trends in Emmaus. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable at around 66-67%. As interest rates began to rise more notably from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 65% in 2018. However, the rate rebounded to 66% in 2019 and has since remained steady, despite fluctuations in interest rates.
The renter population in Emmaus has seen a marginal increase, from 33% in 2013 to 34% in 2022. This trend aligns with the gradual rise in average rent prices. In 2013, the average rent was $988, which increased to $1,093 by 2022, a 10.6% rise over the period. The growth in rent prices, while significant, has been less dramatic than the increase in home prices. This may have contributed to the slight shift towards renting, as it potentially remained a more affordable option for some residents, especially given the steep rise in home values.
In 2023 and 2024, Emmaus has experienced further increases in average home prices, reaching $336,197 in 2023 and $350,782 in 2024. This represents a continued upward trajectory in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and could potentially influence future homeownership trends in the area.
Looking ahead, based on the observed trends, we can project that average home prices in Emmaus are likely to continue their upward trajectory over the next five years, albeit possibly at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, though likely at a slower rate than home prices. This could potentially lead to a slight further increase in the percentage of renters in the community.
In summary, Emmaus has demonstrated a robust housing market with significant appreciation in home values over the past decade. While homeownership rates have remained relatively stable, there has been a slight trend towards more renters. The interplay between rising home prices, increasing rent costs, and fluctuating interest rates will likely continue to shape the housing landscape in Emmaus in the coming years, potentially leading to further shifts in the balance between homeowners and renters.
