Loading Content...
McAlisterville: Rising Home Values Amidst Declining Ownership in Pennsylvania's Small Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
McAlisterville, located in Pennsylvania, is a small community with a population of 3,338 as of 2022. Over the past decade, this area has experienced fluctuations in homeownership rates and housing costs. The overall trend shows a decrease in homeownership, with average home prices rising in recent years and average rent prices displaying volatility.
The homeownership rate in McAlisterville has seen a notable decline from 2013 to 2022. In 2013, 79% of residents owned their homes, but by 2022, this figure had dropped to 73%. This 6 percentage point decrease occurred despite the lack of substantial changes in average home prices until recent years. The community saw its peak homeownership rate of 90% in 2017, followed by a steady decline.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This coincided with relatively stable homeownership rates in McAlisterville. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the community started to decline more rapidly.
The renter population in McAlisterville has increased from 21% in 2013 to 27% in 2022. Average rent prices have shown significant volatility during this period. In 2013, the average rent was $640, which increased to $756 by 2015. However, there was a sharp decline to $220 in 2017, followed by a recovery to $678 in 2019. By 2022, the average rent had stabilized at $630. These fluctuations in rent prices do not appear to have a direct correlation with the steady increase in the renter population, suggesting other factors may be influencing renting trends in the community.
In 2023 and 2024, McAlisterville experienced continued growth in average home prices. The average home price in 2023 was $219,510, showing an increase from $214,674 in 2022. However, there was a slight decrease to $218,551 in 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in McAlisterville may continue to rise moderately over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $700 by 2029. These projections are based on current trends and economic indicators.
In summary, McAlisterville has experienced a shift towards renting, with homeownership rates declining over the past decade. Average home prices have shown recent increases, while rent prices have been volatile. The community's housing market appears to be influenced by broader economic factors, including federal interest rates, which have risen significantly in recent years. As the area continues to evolve, these trends will likely shape the future of housing in McAlisterville.
