Loading Content...
Rising Home Ownership in Coalport: A Coal Mining Town's Housing Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coalport, a small community in Pennsylvania with a history rooted in coal mining, has experienced significant changes in its housing landscape over the past decade. This analysis focuses on the shifts in homeownership rates and housing costs that have shaped the local real estate market. Homeownership rates in Coalport have shown a general upward trend with some fluctuations. In 2013, 73% of housing units were owner-occupied, a figure that remained stable until 2017 when it dipped to 66%. However, recent years have seen a substantial increase, with homeownership reaching 81% in 2022. This trend suggests a growing preference for homeownership in the community, despite rising average home prices. In 2023, the average home price in Coalport was $94,393, indicating a relatively affordable housing market compared to many other areas. The relationship between federal interest rates and homeownership rates in Coalport generally aligns with typical trends. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates stayed relatively stable. A slight dip in homeownership in 2017 coincided with a rise in interest rates to 1%. However, despite further increases in interest rates, homeownership rates in Coalport continued to climb, suggesting other local factors may have had a stronger influence on housing decisions.
Renter percentages in Coalport have generally decreased as homeownership rates increased. In 2013, 26% of housing units were renter-occupied, peaking at 34% in 2017 before declining to 19% in 2022. Average rent prices, however, have shown a steady increase. In 2013, the average rent was $382, rising to $611 by 2022, representing a 60% increase over nine years. This trend of increasing rent prices coupled with decreasing renter percentages suggests a shift in the local housing market dynamics, possibly driven by a combination of factors including housing affordability and local economic conditions. In 2023, the average home price in Coalport was $94,393, with federal interest rates at 5.02%. Moving into 2024, there was a decrease in average home prices to $85,177, while interest rates slightly increased to 5.33%. This recent decline in home prices, despite rising interest rates, could potentially impact homeownership trends in the near future. Looking ahead, average home prices in Coalport are expected to stabilize or potentially increase slightly over the next five years, assuming economic conditions remain relatively stable. Rent prices are likely to continue their upward trajectory, though possibly at a slower rate than seen in previous years. These predictions are based on the historical trends observed and current market conditions. In summary, Coalport has experienced a significant increase in homeownership rates over the past decade, reaching 81% in 2022. This trend has occurred alongside rising average rent prices and more recently, fluctuating home prices. The community's housing market appears to be evolving, with a strong preference for homeownership emerging despite various economic factors at play.
