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Jim Thorpe: Rising Home Values and Ownership Rates in a Victorian Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Jim Thorpe, located in Pennsylvania, is a picturesque town known for its Victorian architecture and outdoor recreational opportunities. Over the past decade, this community has experienced notable shifts in homeownership rates and housing costs. The town has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Jim Thorpe has shown a significant upward trend, particularly in recent years. In 2013, 72% of residents owned their homes. This figure remained relatively stable until 2021 when it increased to 78%. By 2022, homeownership reached an impressive 82%. This surge in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $128,389. By 2022, this figure had nearly doubled to $240,924, representing a 87.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Jim Thorpe aligns with well-established trends. From 2013 to 2021, interest rates remained historically low, hovering between 0.08% and 1.83%. This period of low interest rates corresponds with the gradual increase in homeownership rates, likely due to more affordable financing options. The sharp rise in homeownership from 75% in 2020 to 82% in 2022 occurred despite a slight increase in interest rates to 1.68% in 2022, suggesting other factors may have influenced this trend.
Renter percentages in Jim Thorpe have generally decreased as homeownership rates have risen. In 2013, 28% of residents were renters. This percentage fluctuated over the years, reaching a peak of 32% in 2017 before declining to 18% by 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $954. It rose to $1,178 in 2017, coinciding with the peak in renter percentage. By 2022, despite the decrease in renter percentage, the average rent had increased to $1,040.
In 2023 and 2024, Jim Thorpe has continued to see growth in average home prices. The average home price reached $258,400 in 2023 and further increased to $266,581 in 2024. This represents a 7.2% increase from 2022 to 2023 and a 3.2% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can predict continued growth in average home prices in Jim Thorpe over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $300,000 by 2029. Average rent prices may continue to fluctuate but are likely to maintain an upward trajectory, possibly reaching $1,300 to $1,400 by 2029.
In summary, Jim Thorpe has experienced a notable increase in homeownership rates, rising from 72% in 2013 to 82% in 2022. This trend has been accompanied by significant growth in average home prices, nearly doubling over nine years. The rental market has seen a decrease in the percentage of renters and fluctuating average rent prices. Despite rising interest rates, home prices have continued to increase in 2023 and 2024, suggesting strong demand for housing in this charming Pennsylvania borough.
