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Langeloth: Housing Market Evolution Amidst Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Langeloth, a small community in Pennsylvania, has experienced notable shifts in its housing landscape over the past decade. The city has seen fluctuating trends in homeownership rates and rental prices, reflecting broader economic and demographic changes.
The homeownership rate in Langeloth has shown a general decline from 2013 to 2018, followed by a recovery. In 2013, 75% of housing units were owner-occupied. This percentage decreased steadily to 63% by 2018. However, from 2019 to 2022, the homeownership rate stabilized at around 72%, with a slight dip to 70% in 2022. Interestingly, this trend doesn't directly correlate with average home prices, as no data is available for home prices during this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), Langeloth saw a decline in homeownership from 75% to 67%. This trend suggests that local factors may have had a stronger influence than national interest rates. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership in Langeloth actually stabilized and slightly increased, possibly indicating improved local economic conditions.
Rental trends in Langeloth show an interesting pattern. The percentage of renter-occupied units increased from 25% in 2013 to 37% in 2018, before decreasing to 28% in 2019 and remaining stable through 2021. In 2022, it slightly increased to 30%. Average rent prices have fluctuated over this period. From $698 in 2013, rent peaked at $752 in 2016, then declined to $688 in 2019. By 2022, average rent had risen to $851, marking a 22% increase from 2013 despite a 30% decrease in population from 1,278 to 903 during the same period.
In 2023 and 2024, significant changes occurred in Langeloth's housing market. The average home price in 2024 is $97,132, providing the first concrete data point for home values in the dataset. This coincides with federal interest rates of 5.02% in 2023 and 5.33% in 2024, which are substantially higher than the rates seen in the previous decade.
Looking ahead, predictive models suggest that average home prices in Langeloth may continue to rise moderately over the next five years, potentially reaching around $105,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 by 2029. These predictions assume relatively stable economic conditions and continued population trends.
In summary, Langeloth has experienced a complex interplay of housing trends. While homeownership rates initially declined and then stabilized, rental rates followed an inverse pattern. The recent surge in average rent prices, despite population decline, suggests increasing housing costs. The newly available average home price data for 2024, coupled with rising interest rates, marks a significant point in the city's housing market evolution.
