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Everett, PA: Housing Trends and Homeownership Decline
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
Everett, Pennsylvania: A Small Community with Evolving Home Ownership Trends Everett, located in Pennsylvania, is a small community with a rich history and dynamic housing market. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Everett has shown a gradual decline from 2013 to 2022. In 2013, 55% of residents owned their homes, but by 2022, this figure had decreased to 47%. This shift corresponds with an increase in average home prices, which rose from $131,438 in 2013 to $190,163 in 2022, representing a 44.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Everett aligns with well-established trends. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates initially held steady. However, despite these low rates, the gradual increase in home prices may have contributed to the overall decline in homeownership. The sharp rise in interest rates to 1.68% in 2022 coincided with a further drop in homeownership to 47%, suggesting that higher borrowing costs may have deterred potential buyers.
Conversely, the renter population in Everett has grown from 45% in 2013 to 53% in 2022. This increase in renters has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $590, which climbed to $833 by 2022, marking a 41.2% increase. The growing renter population and rising rent prices suggest a strong demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, Everett's housing market continued to evolve. The average home price in 2023 was $189,906, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $195,954, indicating ongoing market resilience. Notably, interest rates have continued to rise significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may further impact homeownership trends.
Looking ahead, predictive models suggest that average home prices in Everett may continue to rise moderately over the next five years, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, possibly approaching $950 per month in the same timeframe. These projections assume stable economic conditions and a continuation of current trends.
In summary, Everett has experienced a shift towards a renter-majority population over the past decade, accompanied by significant increases in both home prices and rent. The interplay between rising property values, changing interest rates, and affordability concerns has reshaped the local housing landscape. As the community moves forward, balancing the needs of both homeowners and renters will likely be crucial for maintaining a diverse and thriving local housing market.
