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Glen Rock, PA: Home Values Rise 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
Glen Rock, located in Pennsylvania, is a small community that has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The relationship between homeownership rates and average home prices in Glen Rock has shown an interesting inverse correlation. In 2013, the homeownership rate was 66%, with average home prices at $203,347. As average home prices steadily increased, reaching $250,120 in 2020, the homeownership rate declined to 57%. This trend continued into 2022, with average home prices rising to $307,644 while the homeownership rate further decreased to 51%. This suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Glen Rock. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 65-66%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined significantly to 51%. This aligns with the general trend that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages and average rent prices have shown a complex relationship in Glen Rock. In 2013, the renter percentage was 34% with an average rent of $886. By 2022, the renter percentage increased to 49%, while average rent fluctuated, ultimately reaching $932. Notably, there was a significant jump in the renter percentage from 35% in 2019 to 43% in 2020, coinciding with a slight decrease in average rent from $819 to $825. This suggests that factors beyond rent prices, such as economic uncertainty or changing housing preferences, may have influenced the shift towards renting.
In 2023 and 2024, Glen Rock continued to see increases in average home prices, reaching $322,966 in 2023 and $335,052 in 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. These higher interest rates, combined with rising home prices, likely present challenges for potential homebuyers in the area.
Looking ahead, predictive models suggest that average home prices in Glen Rock 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 $1,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Glen Rock has experienced a shift towards renting, with homeownership rates declining as average home prices and interest rates have increased. The rental market has seen growth in both demand and prices, reflecting changing housing preferences and economic factors. As the community moves forward, these trends suggest a continuing evolution in its housing landscape, with potential implications for affordability and demographic composition.
