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Hyndman: Stable Homeownership Amid Fluctuating Home Values
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
Hyndman, a small community in Pennsylvania, has experienced notable demographic shifts over the past decade, particularly in its housing market. The town has maintained a strong preference for homeownership while navigating fluctuations in home values and rental prices.
The homeownership rate in Hyndman has remained relatively stable, averaging around 73% between 2013 and 2022. Despite minor fluctuations, including a peak of 79% in 2018 and a low of 71% in 2021, the overall trend suggests a consistent desire for homeownership within the community. This stability persisted even as federal interest rates varied, ranging from historically low levels of 0.09% to 2.16% between 2013 and 2020.
In contrast to the steady homeownership rates, rental trends in Hyndman have shown greater volatility. The percentage of renters fluctuated between 21% and 29% from 2013 to 2022. Average rent prices experienced significant variations, rising from $257 in 2013 to a peak of $663 in 2017, before decreasing to $385 in 2022. These fluctuations in rent prices do not show a clear correlation with the percentage of renters, indicating that other factors, such as local economic conditions or housing availability, may have influenced rental patterns.
Recent years have seen further changes in Hyndman's housing market. In 2023 and 2024, the community experienced a slight decrease in average home prices, followed by a modest increase. The average home price in 2022 was $132,784, which decreased to $130,801 in 2023, before rising to $134,673 in 2024. This recent uptick in home prices occurred despite the federal interest rate increasing to 5.33% in 2024, suggesting potential resilience in the local housing market.
Looking ahead, predictive models suggest that average home prices in Hyndman may continue to rise moderately over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are projected to stabilize and potentially increase slightly, possibly reaching $550-$600 per month by 2029. These predictions assume relatively stable economic conditions and no major disruptions to the local housing market.
In summary, Hyndman has maintained a strong preference for homeownership despite fluctuations in the housing market. The community has experienced significant variations in rent prices, which have not directly correlated with changes in the renter population. Recent data shows a slight recovery in home prices, and future projections indicate modest growth in both home values and rent prices. These trends reflect the dynamic nature of Hyndman's housing market and its ability to adapt to changing economic conditions.
