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Home Values and Ownership in Carmichaels: A Decade of Change in a Small Pennsylvania 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
Carmichaels, located in Pennsylvania, is a small community with a population of 465 as of 2022. This charming borough, covering just 0.16 square miles, has experienced fluctuations in homeownership rates and housing prices over the past decade. The trends in ownership percentages, average home prices, and average rent prices reveal an interesting dynamic in the local real estate market.
The homeownership rate in Carmichaels has shown some variability over the years. In 2013, the homeownership rate stood at 67%, but it experienced a decline to 55% by 2021. However, there was a significant increase to 66% in 2022, indicating a recent shift towards homeownership. This trend coincides with changes in average home prices. The average home price in 2017 was $110,527, and it rose to $129,220 by 2022, representing a 16.9% increase over five years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates in Carmichaels fluctuated between 56% and 67%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 56-59% before jumping to 66% in 2022. This suggests that while lower interest rates generally encourage homeownership, local factors also influence these trends significantly.
Renter percentages and average rent prices have also shown interesting patterns. The percentage of renters increased from 33% in 2013 to a peak of 45% in 2021, before decreasing to 34% in 2022. Average rent prices have generally increased over time, rising from $624 in 2013 to $680 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $696. These trends suggest that rental demand has been relatively strong in recent years, potentially driven by population changes and housing affordability concerns.
Looking at the most recent data, the average home price in Carmichaels continued to rise, reaching $138,672 in 2023 and $142,830 in 2024. This represents a 10.5% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Carmichaels will continue to rise, potentially reaching around $160,000 to $170,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $750 per month within the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, Carmichaels has experienced notable shifts in homeownership rates and housing prices over the past decade. The recent surge in homeownership, coupled with rising home prices and rents, suggests a growing demand for housing in the area. The interplay between federal interest rates, local economic conditions, and housing market dynamics will continue to shape the real estate landscape in this Pennsylvania borough in the coming years.
