Loading Content...
Port Trevorton: Stable Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Port Trevorton, located in Pennsylvania, is a small community with a population that has fluctuated around 3,000 residents over the past decade. The city has maintained a high rate of homeownership, typically above 80%, while experiencing gradual increases in both average home prices and average rent prices.
The homeownership rate in Port Trevorton has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 84%, and it reached its peak of 86% in 2015. There was a slight decline to 79% in 2018, but it rebounded to 82% by 2022. Despite the lack of historical average home price data, the consistency in homeownership rates suggests a relatively stable housing market in the area.
Federal interest rates have played a role in homeownership trends nationally, and Port Trevorton likely follows this pattern. Interest rates were at historic lows between 2009 and 2015, ranging from 0.09% to 0.18%. During this period, Port Trevorton maintained high homeownership rates, peaking at 86% in 2015. As interest rates began to rise from 2016 onwards, there was a slight decline in homeownership, reaching 79% in 2018 when the federal interest rate was 1.83%. However, the community's homeownership rate remained resilient, bouncing back to 82% by 2022 despite rising interest rates.
Renter percentages in Port Trevorton have inversely mirrored homeownership rates, ranging from 14% to 21% between 2013 and 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $642, which increased to $769 by 2022, representing a 19.8% increase over nine years. The highest average rent was recorded in 2021 at $761. Interestingly, the years with the highest renter percentages (19% in 2016 and 2017, and 21% in 2018) did not always correspond with the highest average rents, suggesting that other factors beyond price influenced renting decisions.
In 2023, the average home price in Port Trevorton was $200,667, with federal interest rates at 5.02%. Moving into 2024, the average home price has increased slightly to $202,259, while interest rates have risen to 5.33%. This represents a modest 0.79% increase in average home prices over the year, despite the uptick in interest rates.
Looking ahead, predictive models suggest that average home prices in Port Trevorton may continue to rise moderately over the next five years, potentially reaching around $215,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Port Trevorton has maintained a strong homeownership base despite fluctuations in federal interest rates. The community has experienced gradual increases in both average home prices and average rent prices. The resilience of homeownership rates, even during periods of rising interest rates, suggests a stable and desirable housing market in this Pennsylvania CDP. As the community moves forward, it is likely to see continued modest growth in both home values and rental costs, reflecting its enduring appeal to residents.
