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Home Values and Ownership in Johnsonburg: A Paper Industry Town's Housing 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
Johnsonburg, located in Pennsylvania, is a small community with a rich history and unique character. Over the past decade, this city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Johnsonburg has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 74%, and by 2022, it had maintained a similar level at 74%. During this period, average home prices in Johnsonburg have shown an overall upward trend. In 2013, the average home price was $50,945, and it increased to $63,381 by 2022, representing a 24.4% growth over nine years.
The relationship between federal interest rates and homeownership rates in Johnsonburg appears to follow typical patterns. For instance, in 2013, when interest rates were low at 0.11%, the homeownership rate was 74%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate remained steady at 74%, suggesting that other local factors may have counterbalanced the potential negative impact of rising interest rates on homeownership.
Renter percentages in Johnsonburg have shown slight variations over the years, ranging from 25% to 29% between 2013 and 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $476, which increased to $533 in 2014. However, it then decreased to $409 in 2017 before rising again to $494 in 2022. These fluctuations in rent prices may be influenced by changes in the local economy and housing market conditions.
In 2023, the average home price in Johnsonburg reached $64,024, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $67,472, while federal interest rates have risen slightly to 5.33%. This continued increase in home prices despite higher interest rates suggests strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Johnsonburg may continue to rise moderately over the next five years. If the current trajectory holds, average home prices could potentially reach around $75,000 to $80,000 by 2029. Average rent prices may also see a gradual increase, potentially reaching $550 to $600 per month in the same timeframe, assuming steady economic growth and continued demand for rental properties in the area.
In summary, Johnsonburg has maintained a stable homeownership rate while experiencing notable growth in average home prices over the past decade. The rental market has shown more volatility in both occupancy rates and average rents. The recent increases in home prices, even in the face of rising interest rates, indicate a resilient local housing market. As Johnsonburg continues to evolve, these trends suggest a potentially favorable environment for both homeowners and investors in the coming years.
