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Glassport, PA: Rising Home Values Amidst Stable Ownership in Former Industrial Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glassport, a small community in Pennsylvania with a rich industrial history, has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, a general upward trend in average home prices, and variations in average rent prices from 2013 to 2022.
From 2013 to 2022, Glassport's homeownership rate fluctuated between 61% and 67%. During this period, average home prices in Glassport demonstrated a substantial upward trend, increasing from $43,990 in 2013 to $85,633 in 2022, representing a 94.7% increase over nine years. This trend suggests that despite rising home prices, Glassport maintained a relatively stable homeownership rate, indicating a resilient local housing market.
The relationship between federal interest rates and homeownership rates in Glassport shows some correlation. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Glassport fluctuated between 61% and 66%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Glassport stabilized around 67%. This suggests that while low interest rates may have supported homeownership, other local factors also played a significant role in maintaining relatively high ownership rates.
Regarding rental trends, the percentage of renters in Glassport increased from 34% in 2013 to 39% in 2015, before settling back to 33% by 2022. Average rent prices showed some volatility during this period. In 2013, the average rent was $678, which increased to $755 in 2019, representing an 11.4% rise. However, by 2022, the average rent had decreased to $660, a 12.6% drop from the 2019 peak. These fluctuations in rent prices and renter percentages suggest a dynamic rental market responding to various economic factors and local conditions.
In 2023 and 2024, Glassport's housing market continued to evolve. The average home price in 2023 was $81,030, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $83,188. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially influencing homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Glassport may continue to show modest growth over the next five years, potentially reaching around $90,000 by 2029. Average rent prices, which have shown more volatility, might stabilize and gradually increase, possibly reaching about $700 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Glassport has maintained a relatively high homeownership rate despite significant increases in average home prices over the past decade. The rental market has shown more variability in both renter percentages and average rent prices. Recent increases in federal interest rates may impact future homebuying trends, but Glassport's housing market has demonstrated resilience in the face of changing economic conditions.
