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Philipsburg's Home Values Rise as Ownership Declines: Small Pennsylvania Borough Faces Housing 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
Philipsburg, located in Pennsylvania, is a small community with a rich history dating back to the 19th century. Over the past decade, the city has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Philipsburg has shown a general decline from 2013 to 2022. In 2013, 72% of housing units were owner-occupied, but this figure dropped to 63% by 2022. Despite this overall downward trend, there have been some fluctuations, with the rate reaching its lowest point of 59% in 2019 before slightly rebounding. Concurrently, average home prices have steadily increased from $80,324 in 2010 to $144,415 in 2022, representing a substantial 79.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Philipsburg demonstrates some correlation. As interest rates remained historically low from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate initially held steady but began to decline from 2014 onwards. This suggests that other local factors may have had a more significant impact on homeownership than interest rates alone during this period.
Renter percentages in Philipsburg have shown an inverse relationship to homeownership rates, increasing from 28% in 2013 to 37% in 2022. This rise in renter-occupied units coincides with an overall increase in average rent prices. In 2013, the average rent was $679, which rose to $763 by 2022, representing a 12.4% increase. Notably, there was a significant jump in average rent from $670 in 2018 to $833 in 2019, a 24.3% increase in a single year.
In 2023 and 2024, average home prices in Philipsburg continued to rise, reaching $146,141 in 2023 and $146,937 in 2024. This represents a modest increase of 1.7% from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Philipsburg may continue to rise moderately over the next five years, potentially reaching around $155,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Philipsburg has experienced a decline in homeownership rates over the past decade, coupled with rising average home prices and rents. The recent increase in federal interest rates may further impact the housing market, potentially slowing down home price growth and affecting affordability for prospective buyers. The community's housing landscape continues to evolve, with a growing proportion of renters and steadily increasing housing costs shaping its residential profile.
