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Home Values and Ownership in Spartansburg: A Small Pennsylvania Borough's Real Estate 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
Spartansburg, located in Pennsylvania, is a small community that has experienced fluctuations in its population and housing market over the past decade. The city has shown a general trend of increasing homeownership rates, with average rent prices displaying an upward trajectory. The homeownership rate in Spartansburg has shown a slight overall increase from 2013 to 2022. In 2013, the homeownership rate was 82%, and by 2022, it had risen to 85%. This increase suggests a growing preference for homeownership in the area. The average home price in 2023 was $163,116, indicating a relatively affordable housing market compared to many other areas in the United States.
Federal interest rates have played a significant role in influencing homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates likely contributed to the sustained high levels of homeownership in Spartansburg, as it made mortgage financing more accessible and affordable for potential buyers.
The rental market in Spartansburg has shown interesting trends. The percentage of renters decreased from 18% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices have increased significantly. In 2013, the average rent was $447, and by 2022, it had risen to $694, representing a 55% increase over nine years. This surge in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved rental property quality or limited rental inventory.
Looking at the most recent data, the average home price in Spartansburg was $163,116 in 2023 and $155,986 in 2024, showing a slight decrease. This trend coincides with higher federal interest rates, which were 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on the housing market.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Spartansburg may experience moderate growth, assuming economic conditions remain stable. The recent slight decrease in home prices might be temporary, and we could see a gradual increase over the next five years. Average rent prices are likely to continue their upward trend, albeit at a potentially slower rate than observed in the past decade.
In summary, Spartansburg has demonstrated a robust homeownership market with increasing rates of owner-occupied housing. The rental market, while shrinking in terms of the percentage of renters, has seen significant increases in average rent prices. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the local real estate landscape, with recent higher interest rates potentially influencing market dynamics in the coming years.
