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Laureldale, PA: Stable Homeownership Amid Rising 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
Laureldale, located in Pennsylvania, is a small community with a rich history and a stable housing market. Over the past decade, this borough has experienced interesting shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Laureldale has remained relatively high, fluctuating between 80% and 85% from 2013 to 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $108,427, which rose consistently to reach $188,853 by 2022, representing a substantial 74% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $148,006 to $167,181, a 13% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Laureldale. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained stable at around 84%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a slight dip in homeownership to 81% in 2017, but it quickly rebounded to 85% by 2019. The sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a slight decrease in homeownership to 82% and 80% respectively, possibly due to other economic factors related to the global pandemic.
Renter occupancy in Laureldale has remained relatively low, ranging from 15% to 20% between 2013 and 2022. Average rent prices have shown more volatility compared to home prices. In 2013, the average rent was $945, which increased to a peak of $1,220 in 2017, representing a 29% increase. However, rent prices then experienced some fluctuation, dropping to $1,024 in 2019 before rising again to $1,145 in 2022. This variability in rent prices doesn't show a strong correlation with the percentage of renters, which remained relatively stable during this period.
In 2023 and 2024, Laureldale has seen continued growth in average home prices. The average home price reached $202,445 in 2023 and further increased to $217,468 in 2024, representing a 7.4% year-over-year increase. This growth occurs against a backdrop of rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Laureldale will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $250,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, potentially reaching $1,400 to $1,500 per month by 2029, assuming continued economic stability and population growth in the area.
In summary, Laureldale has demonstrated a robust and growing housing market over the past decade. The community has maintained high homeownership rates despite fluctuations in interest rates and significant increases in home values. While rent prices have shown more volatility, they have generally trended upward. The recent sharp increases in both home prices and interest rates suggest a dynamic market that will likely continue to evolve in the coming years.
