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Lawrence, PA: Rising Home Ownership Amid Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lawrence, Pennsylvania, a small community in Washington County, has experienced significant changes in homeownership and housing market dynamics over the past decade. The homeownership rate in Lawrence has shown a remarkable upward trend, increasing from 69% in 2013 to 86% in 2022. This substantial rise in homeownership coincides with fluctuations in average rent prices. In 2013, the average rent was $1,089, which decreased to $634 in 2018 before rising again to $1,022 in 2022. Despite these variations in rent, the consistent increase in homeownership suggests a strong preference for owning rather than renting in this community.
The relationship between federal interest rates and homeownership rates in Lawrence presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, Lawrence's homeownership rate continued to climb even as interest rates rose from 0.08% in 2021 to 1.68% in 2022. This suggests that local factors may be playing a more significant role in driving homeownership than national interest rate trends.
As homeownership increased, the percentage of renters in Lawrence decreased correspondingly, from 31% in 2013 to 14% in 2022. Interestingly, average rent prices have not shown a consistent correlation with this decline in renters. For instance, while the renter percentage dropped from 34% in 2014 to 21% in 2018, the average rent also decreased from $646 to $634 during this period. However, by 2022, despite a further decrease in renters to 14%, the average rent had increased to $1,022.
In 2023, the average home price in Lawrence was $267,894, and this figure remained unchanged in 2024. This stability in home prices is notable, especially considering the significant increase in federal interest rates from 5.02% in 2023 to 5.33% in 2024. The maintenance of home values despite rising interest rates suggests a robust local housing market with sustained demand.
Looking ahead, based on the current trends and data, we can project potential scenarios for the next five years. If the current pattern of increasing homeownership continues, we might see homeownership rates approach or exceed 90% by 2029. Average home prices are likely to continue their upward trajectory, potentially reaching around $290,000 to $300,000 by 2029, assuming a modest annual appreciation of 1.5% to 2%. Average rent prices may continue to fluctuate but could stabilize around $1,100 to $1,200 per month, reflecting the diminishing rental market and potential premium on the few remaining rental properties.
In summary, Lawrence has experienced a significant shift towards homeownership over the past decade, with a corresponding decrease in renters. The stability of home prices in recent years, despite rising interest rates, indicates a resilient local housing market. These trends suggest a community that strongly values homeownership, potentially driven by local economic factors and community preferences that outweigh national economic indicators.
