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McVeytown: Rising Home Values and Steady Ownership in a Historic Pennsylvania Borough
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
McVeytown, located in Pennsylvania, is a small community with a rich history. Over the past decade, the city has experienced fluctuations in homeownership rates and housing prices. The overall trend shows a slight increase in homeownership, rising average home prices, and variable rent costs.
From 2013 to 2022, McVeytown saw a modest increase in homeownership rates. In 2013, 72% of residents owned their homes, and by 2022, this figure had risen to 74%. During this same period, average home prices demonstrated a significant upward trend. The average home price in 2019 was $130,915, rising to $170,004 by 2022, representing a substantial 29.9% increase over just three years.
Federal interest rates have played a role in homeownership trends in McVeytown. In 2013, when the homeownership rate was 72%, the federal interest rate was at a low 0.11%. As interest rates remained low through 2020 (0.38%), homeownership rates gradually increased, reaching 73% by 2020. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
Renter percentages in McVeytown have shown some fluctuation over the years, with a slight overall decrease from 28% in 2013 to 26% in 2022. Average rent prices, however, have seen a steady increase. In 2013, the average rent was $498, rising to $681 by 2022, marking a 36.7% increase over nine years. This increase in rent prices occurred despite the population remaining relatively stable, with 1,200 residents in 2013 and 1,036 in 2022.
Looking at the most recent data, average home prices in McVeytown continued to rise in 2023 and 2024. In 2023, the average home price reached $183,173, and in 2024, it further increased to $186,583. This represents a 9.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we can expect average home prices in McVeytown to continue their upward trajectory, potentially reaching around $210,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $800 per month within the next five years if current trends persist.
In summary, McVeytown has experienced a gradual increase in homeownership rates over the past decade, accompanied by significant rises in both average home prices and rent costs. The relationship between low interest rates and increased homeownership is evident, though recent interest rate hikes may influence future trends. As the community moves forward, it can anticipate continued growth in property values and rental costs, potentially affecting the balance between owners and renters in the coming years.
