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Fleetwood, PA: Home Values Soar as Ownership Declines in Small 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
Fleetwood, located in Pennsylvania, is a small community with a population of 4,046 as of 2022. The city has experienced interesting shifts in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in Fleetwood.
The homeownership rate in Fleetwood has shown a gradual decline from 2013 to 2022. In 2013, 79% of residents were homeowners, but this figure decreased to 72% by 2022. Concurrently, average home prices have experienced significant growth. In 2013, the average home price was $181,828, which increased steadily to $291,547 by 2022, representing a 60.3% increase over this period.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2015, interest rates remained exceptionally low, hovering around 0.1%. During this period, homeownership in Fleetwood remained relatively stable, ranging from 79% to 81%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in the borough started to decline more noticeably, dropping from 81% in 2016 to 72% in 2022.
The renter population in Fleetwood has increased from 21% in 2013 to 28% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $919, which peaked at $1,006 in 2017 before settling at $970 in 2022. This represents a 5.5% increase in average rent from 2013 to 2022. The increase in the renter population could be attributed to rising home prices, making homeownership less accessible for some residents.
In 2023, the average home price in Fleetwood reached $306,726, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $320,852, while interest rates rose slightly to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in Fleetwood may continue to rise over the next five years, potentially reaching around $380,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe. These projections are based on historical trends and current economic indicators.
In summary, Fleetwood has experienced a notable decrease in homeownership rates alongside substantial increases in average home prices over the past decade. The rise in federal interest rates appears to correlate with the declining homeownership trend. Meanwhile, the renter population has grown, with average rent prices showing moderate increases. The ongoing upward trajectory of home prices and interest rates suggests that affordability may continue to be a key factor influencing housing trends in Fleetwood in the coming years.
