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Leechburg: Rising Home Values and Ownership Trends in a Small Pennsylvania Community
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
Leechburg, located in Pennsylvania, is a small community with a population of 2,138 as of 2022. The city has experienced fluctuations in homeownership rates and housing prices over the years, with a general trend towards increased average home prices and slightly increasing homeownership rates in recent years.
The homeownership rate in Leechburg has shown a slight upward trend in recent years, rising from 62% in 2019 to 66% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2015, the average home price was $94,522, which steadily increased to $155,493 by 2022, representing a substantial 64.5% increase over seven years. This trend suggests that despite rising home prices, residents of Leechburg have been increasingly able or willing to purchase homes.
Federal interest rates have played a role in homeownership trends in Leechburg. From 2015 to 2021, interest rates remained relatively low, ranging from 0.13% to 1.68%. This period of low interest rates coincided with the increase in homeownership rates from 62% to 66%. Lower interest rates generally make mortgages more affordable, potentially contributing to the rise in homeownership during this period.
The renter population in Leechburg has seen a slight decrease, from 38% in 2019 to 34% in 2022. Interestingly, this decrease in the renter population has occurred alongside a significant increase in average rent prices. The average rent rose from $809 in 2019 to $709 in 2022, representing a 12.4% decrease. This trend suggests that despite lower rent prices, fewer residents are choosing to rent, possibly due to the increased affordability of homeownership during this period.
In 2023 and 2024, the average home prices in Leechburg continued to rise, reaching $155,687 in 2023 and slightly decreasing to $154,889 in 2024. This represents a marginal 0.5% decrease from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the historical data and current trends, it is projected that average home prices in Leechburg will continue to increase moderately over the next five years, potentially reaching around $170,000 by 2029. Average rent prices are also expected to rise, possibly reaching $800 per month by 2029. However, the rate of increase may slow down due to the higher interest rates, which could affect affordability and demand.
In summary, Leechburg has experienced a trend of increasing homeownership rates and rising average home prices over the past decade. The recent uptick in federal interest rates may influence future homeownership trends and housing market dynamics in the area. Despite these changes, the community has shown resilience in maintaining a balance between homeownership and rental occupancy.
