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Hughesville: Shifting Tides in Home Values and Ownership
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
Hughesville, located in Pennsylvania, is a small community with a rich history and evolving demographic landscape. Over the past decade, this charming borough has experienced significant shifts in homeownership rates and housing market dynamics. The overall trend shows a gradual decrease in owner-occupied housing, while average home prices and rent have generally increased, albeit with some fluctuations.
From 2013 to 2022, Hughesville saw a steady decline in homeownership rates. In 2013, 62% of housing units were owner-occupied, but by 2022, this figure had dropped to 52%. Conversely, the percentage of renter-occupied units rose from 38% to 48% during the same period. This shift coincided with a substantial increase in average home prices. In 2013, the average home price was $147,011, and it rose consistently to reach $221,287 by 2022, representing a 50.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hughesville follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 61-62%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more rapidly, falling from 57% in 2017 to 52% in 2022.
The renter population in Hughesville has grown alongside average rent prices, though not always in tandem. In 2013, 38% of housing units were renter-occupied, with an average rent of $1,141. By 2022, the renter percentage had increased to 48%, while the average rent fluctuated, reaching $954. Notably, there was a significant dip in average rent to $588 in 2019, followed by a sharp increase to $1,149 in 2021, before settling at $954 in 2022. These fluctuations may be attributed to changes in housing supply, economic conditions, or shifts in the local job market.
As of 2024, the average home price in Hughesville stands at $233,367, showing continued growth from the 2022 figure. This represents a 5.4% increase from 2023 when the average home price was $228,106. Interestingly, federal interest rates have also risen significantly, reaching 5.33% in 2024, up from 5.02% in 2023. Despite higher interest rates, home prices continue to appreciate, suggesting strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Hughesville to continue their upward trajectory over the next five years. Projecting the current growth rate, average home prices could potentially reach around $270,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching approximately $1,200 per month by 2029, assuming economic conditions remain favorable and housing supply keeps pace with demand.
In summary, Hughesville has experienced a notable shift from homeownership to renting over the past decade, accompanied by significant increases in average home prices. Despite rising interest rates, the housing market has remained robust, with continued price appreciation. The rental market has shown more volatility but maintains an overall upward trend. These patterns reflect broader economic changes and shifting preferences in housing, suggesting a dynamic and evolving real estate landscape in this Pennsylvania borough.
