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McClure: Rising Home Values and Ownership Rates in a Resilient Pennsylvania 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
McClure, Pennsylvania: A Small Community's Housing Market Journey McClure, a small community in Pennsylvania, has experienced significant shifts in its housing market over the past decade. This analysis examines the trends in homeownership, rental markets, and home values, reflecting the economic changes and local developments that have shaped the borough's residential landscape.
Homeownership Fluctuations and Federal Interest Rates Homeownership rates in McClure have shown notable fluctuations from 2013 to 2022. In 2013, the homeownership rate stood at 74%, but it declined to 64% by 2018. However, a rebound occurred in recent years, with homeownership rising to 71% by 2022. These changes coincided with varying federal interest rates, which ranged from historical lows of 0.11% to 0.4% between 2013 and 2016, to higher rates of 1% to 2.16% from 2017 to 2019, and then dropped again to 0.38% and 0.08% in 2020 and 2021, respectively.
Rental Market Dynamics The rental market in McClure demonstrated an inverse relationship to homeownership trends. As homeownership declined from 2013 to 2018, the percentage of renters increased from 26% to 36%. Concurrently, the average median rent rose from $633 in 2013 to $677 in 2018, indicating growing demand for rental properties. However, as homeownership rates began to recover post-2018, the rental market showed signs of stabilization, with the renter percentage decreasing to 29% by 2022.
Recent Home Price Stability and Future Projections In 2023 and 2024, McClure experienced relative stability in average home prices. The average home price in 2023 was $190,451, with a slight increase to $190,595 in 2024. This minimal change suggests a steady housing market in the area. Interest rates, however, have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends and housing affordability.
Looking ahead, predictive models suggest that average home prices in McClure may continue to see modest growth over the next five years, potentially reaching around $200,000 by 2029. Rent prices are also expected to follow an upward trajectory, potentially increasing by 10-15% over the same period, assuming current economic conditions persist.
Conclusion McClure has experienced a dynamic housing market over the past decade, characterized by fluctuations in homeownership rates and rental demand. The recent stabilization of the housing market, coupled with rising interest rates, indicates a period of transition. The interplay between homeownership, rental markets, and economic factors will continue to shape the residential landscape of this Pennsylvania community in the coming years.
