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Rising Home Values and Fluctuating Ownership in Evans City, Pennsylvania: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Evans City, located in Pennsylvania, is a small community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates and significant changes in average home and rent prices. The trends in these areas reveal interesting patterns that reflect both local economic conditions and broader national trends.
The homeownership rate in Evans City has shown notable variations from 2013 to 2022. In 2013, the homeownership rate stood at 64%, which increased to a peak of 68% in 2015. However, this was followed by a decline to 58% in 2019, the lowest point in the observed period. By 2022, the rate had rebounded to 63%. Concurrently, average home prices have demonstrated a steady upward trajectory. From 2016 to 2022, average home prices rose from $209,463 to $305,965, representing a substantial 46% increase over six years.
The relationship between federal interest rates and homeownership rates in Evans City shows some correlation. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), coinciding with higher homeownership rates (64% to 68%). As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% by 2018, homeownership rates declined to 60%. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Evans City have fluctuated inversely to homeownership rates, as expected. The renter-occupied percentage increased from 36% in 2013 to a peak of 42% in 2019, before settling at 37% in 2022. Average rent prices have shown an overall upward trend, rising from $961 in 2013 to $1,056 in 2019. However, there was a notable decrease to $730 in 2022, which could be attributed to various local economic factors or changes in the rental market composition.
As of 2024, the average home price in Evans City stands at $317,914, showing continued growth from previous years. The federal interest rate for 2024 is 5.33%, which is significantly higher than the rates observed in the early 2020s. This increase in interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in Evans City may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which saw a recent decline, may stabilize or show modest increases as the market adjusts to current economic conditions.
In summary, Evans City has experienced a fluctuating homeownership rate over the past decade, with a recent trend towards stabilization. Average home prices have shown consistent growth, while rent prices have been more volatile. The interplay between interest rates, homeownership, and housing prices reflects both local market conditions and broader economic trends, painting a picture of a dynamic real estate landscape in this Pennsylvania community.
