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Hazleton, Pennsylvania: Rising Home Values and Shifting Ownership Trends
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
Hazleton, a city in Pennsylvania, has experienced significant demographic and housing market shifts over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Hazleton, providing insights into the city's evolving real estate landscape.
From 2013 to 2022, Hazleton's homeownership rate declined from 53% to 46%, while the average home price increased from $76,071 to $187,125. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. In 2013, when the federal interest rate was 0.11%, homeownership was at 53%. As interest rates fluctuated and eventually rose to 1.68% in 2022, homeownership decreased to 46%, indicating that higher interest rates may have contributed to the decline in homeownership.
The renter population in Hazleton grew from 47% in 2013 to 54% in 2022, coinciding with an increase in average rent prices from $772 to $832 per month. This trend aligns with the city's population growth from 25,220 in 2013 to 29,671 in 2022, suggesting increased demand for rental properties. The rise in both renter percentage and average rent prices indicates a competitive rental market, possibly driven by the declining homeownership rate and growing population.
In 2023, the average home price in Hazleton reached $187,194, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $192,641, while interest rates have risen to 5.33%. These figures demonstrate a continuing upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Hazleton may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Hazleton has experienced a shift towards a renter-majority population, with declining homeownership rates and increasing average home and rent prices. The interplay between federal interest rates, population growth, and housing market dynamics has shaped these trends. As the city continues to evolve, monitoring these factors will be crucial for understanding Hazleton's future housing landscape.
