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Home Values and Ownership Trends in Plymouth, PA: A Small Borough's Shifting Housing Landscape
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
Plymouth, a small community in Pennsylvania with a population of 5,771 as of 2022, has experienced significant changes in its housing market over the past decade. The city's homeownership rates and rental patterns have undergone notable shifts, reflecting broader economic trends and local market dynamics.
The homeownership rate in Plymouth has declined from 55% in 2017 to 47% in 2022, indicating a substantial change in residents' housing preferences or capabilities. This downward trend in homeownership has occurred alongside fluctuations in the local housing market. The average home price in 2023 was $115,539, with a slight decrease to $114,945 in 2024, representing a modest 0.5% decline. These price changes, while relatively small, could potentially influence future homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends across the country. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 0.40%. Typically, such low rates encourage homeownership by making financing more affordable. However, Plymouth's homeownership rate declined during this period, suggesting that local factors may have exerted a stronger influence on housing choices than national economic conditions.
As homeownership rates decreased, the proportion of renters in Plymouth increased from 45% in 2017 to 53% in 2022. This shift towards renting is reflected in the average rent prices, which rose significantly from $670 in 2017 to $866 in 2022, marking a 29% increase over five years. The growing renter population and rising rent prices indicate a strong demand for rental properties in the area.
Recent data shows that federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions and potentially lead to a continued preference for renting in Plymouth.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Plymouth may continue to experience modest fluctuations. These prices could potentially stabilize or show slight increases if economic conditions remain favorable. Average rent prices are likely to continue their upward trajectory, albeit at a potentially slower rate, potentially reaching around $950-$1,000 per month by 2029.
In conclusion, Plymouth has witnessed a clear shift towards renting, with homeownership rates declining and rental percentages increasing over the past decade. This trend has been accompanied by rising average rent prices, while recent home prices have shown a slight decrease. The interplay between federal interest rates, local economic factors, and housing preferences will continue to shape the real estate landscape in Plymouth in the coming years.
