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Rising Home Values and Ownership in Brockway, PA: A Decade of Housing Market Evolution
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
Brockway, located in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
Homeownership rates in Brockway have shown a general upward trend since 2013, with some fluctuations. In 2013, the homeownership rate was 61%, which increased to 67% by 2020 and 2021. However, there was a slight decrease to 62% in 2022. This trend generally correlates with the rise in average home prices, which have increased significantly from $75,015 in 2010 to $120,760 in 2022, representing a 61% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Brockway shows some correlation. From 2013 to 2020, when interest rates were generally low (ranging from 0.09% to 2.16%), homeownership rates increased from 61% to 67%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. However, the slight decrease in homeownership to 62% in 2022 coincided with a rise in interest rates to 1.68%, suggesting that higher rates may have started to impact affordability.
Renter percentages in Brockway have generally decreased as homeownership rates increased. In 2013, 39% of residents were renters, which declined to 33% by 2020 and 2021, before increasing slightly to 38% in 2022. Average rent prices have shown a steady upward trend, rising from $509 in 2013 to $764 in 2022, a 50% increase over nine years. This increase in rent prices occurred despite fluctuations in the renter population, suggesting that other factors, such as housing demand and local economic conditions, may have influenced rent prices.
In 2023 and 2024, Brockway's housing market continued to evolve. The average home price in 2023 was $123,943, showing a slight increase from 2022. In 2024, the average home price further rose to $126,675. Interestingly, these price increases occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Brockway may continue to rise moderately over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $850 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, Brockway has experienced a general increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in renter percentages. Average rent prices have steadily increased despite fluctuations in the renter population. The housing market has shown resilience in recent years, with home prices continuing to rise even in the face of higher interest rates. These trends reflect the complex interplay of local market dynamics, economic conditions, and broader housing market factors in shaping Brockway's housing landscape.
