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Home Values and Ownership in Woodlyn: A Decade of Resilience
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
Woodlyn, located in Pennsylvania, is a vibrant community with a population of 10,349 as of 2022. This small but densely populated area, covering just 1.67 square miles, has experienced significant fluctuations in its housing market and demographic composition over the past decade. The homeownership rate in Woodlyn has shown remarkable stability, hovering around 70% throughout most of the observed period. In 2013, the homeownership rate stood at 70%, and by 2022, it remained at 72%. This consistency in homeownership rates is noteworthy, especially considering the variations in average home prices during this time. Average home prices in Woodlyn experienced a notable decline from $172,870 in 2010 to a low of $147,268 in 2014, before embarking on a steady upward trajectory. By 2022, the average home price had risen significantly to $253,202, representing a 72% increase from its 2014 low.
The relationship between federal interest rates and homeownership rates in Woodlyn appears to follow the general trend observed nationwide. As interest rates remained low between 2010 and 2016, ranging from 0.09% to 0.40%, the homeownership rate in Woodlyn maintained its stability around 70%. This period of low interest rates likely contributed to the preservation of homeownership levels, even as the community experienced fluctuations in average home prices.
Renter percentages in Woodlyn have shown a slight inverse relationship to homeownership rates, naturally fluctuating between 28% and 33% from 2013 to 2022. Interestingly, average rent prices have demonstrated a consistent upward trend during this period. In 2013, the average rent was $898, which increased to $1,094 by 2022, representing a 21.8% rise over nine years. This trend in rental prices appears to be influenced by the overall growth in population, which increased from 9,812 in 2013 to 10,349 in 2022, potentially driving up demand for rental properties.
In 2023 and 2024, Woodlyn continued to experience growth in its housing market. The average home price reached $264,605 in 2023 and further increased to $276,666 in 2024, representing a 4.5% and 9.3% rise from 2022, respectively. This upward trajectory aligns with the rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Based on historical data and current market conditions, average home prices in Woodlyn are projected to increase by approximately 3-5% annually, potentially reaching around $320,000 by 2029. Similarly, average rent prices are expected to rise by 2-3% per year, potentially surpassing $1,250 by 2029.
In summary, Woodlyn has demonstrated resilience in its housing market, maintaining stable homeownership rates despite fluctuations in average home prices. The community has experienced steady growth in both population and housing values, with a particularly strong upward trend in recent years. As the area continues to evolve, it is likely to see further increases in both home prices and rental rates, reflecting its ongoing attractiveness as a residential location in Pennsylvania.
