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Forty Fort, Pennsylvania: Rising Home Values Amidst Stable Ownership Rates
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
Forty Fort, situated in Pennsylvania, is a small community with a rich history dating back to the Revolutionary War era. Over the past decade, this historic town has experienced fluctuating trends in homeownership rates and housing prices, with recent years showing a slight decrease in owner-occupied housing and an increase in average home and rent prices.
From 2013 to 2022, Forty Fort witnessed a slight overall increase in homeownership rates, rising from 68% to 68%. However, this trend was not consistent throughout the period. The peak of homeownership occurred in 2016 at 72%, followed by a gradual decline. During this same timeframe, average home prices in the area saw a significant increase. In 2013, the average home price was $118,065, which rose steadily to reach $184,799 by 2022, representing a 56.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Forty Fort shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 68% to 72%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates started to decline slightly, settling at 68% by 2022.
Renter percentages in Forty Fort have shown some fluctuation over the years, with a slight overall increase from 32% in 2013 to 32% in 2022. The average rent prices have also seen an upward trend during this period. In 2013, the average rent was $800, which increased to $913 by 2022, representing a 14.1% increase. The population of Forty Fort remained relatively stable during this period, decreasing slightly from 4,211 in 2013 to 4,242 in 2022, which may have contributed to the moderate changes in rental demand and prices.
Looking at the most recent data, the average home price in Forty Fort reached $189,050 in 2023 and further increased to $203,895 in 2024. This represents a substantial 10.3% increase from 2022 to 2024. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Forty Fort. Based on the historical data and current economic conditions, average home prices could potentially reach around $240,000 to $250,000 by 2029. Average rent prices may also continue to rise, potentially reaching $1,100 to $1,200 per month in the same timeframe.
In summary, Forty Fort has experienced a gradual increase in housing costs over the past decade, with both home prices and rent showing upward trends. While homeownership rates have remained relatively stable overall, there have been fluctuations corresponding to changes in interest rates and economic conditions. The recent sharp increase in home prices and interest rates suggests a potentially challenging environment for new homebuyers, which may contribute to a slight shift towards renting in the coming years. However, the steady population and desirable location of Forty Fort indicate that demand for housing in the area is likely to remain strong, supporting continued growth in both home values and rental prices.
