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Rising Home Values and Ownership in Garden Heights: A Resilient Urban Neighborhood in Altoona
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Garden Heights, an urban neighborhood in Altoona, Pennsylvania, has demonstrated remarkable resilience in its housing market over the past decade. Despite fluctuations in population and housing dynamics, the area has shown a gradual increase in homeownership rates and steady growth in both average home prices and rent prices. This trend has persisted even in the face of rising interest rates, indicating strong local housing demand.
The homeownership rate in Garden Heights has experienced some variability since 2013. Starting at 67% in 2013, it decreased to 59% by 2015, but has since shown a gradual increase, reaching 65% in 2022. This trend appears to correlate with changes in average home prices, which rose steadily from $135,977 in 2019 to $159,916 in 2022, representing an increase of about 17.6% over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Garden Heights. During the early 2010s, when interest rates were exceptionally low (around 0.1-0.14%), homeownership rates remained relatively stable. As interest rates began to rise from 2016 onwards, there was a slight dip in homeownership, but it has since recovered. This resilience in homeownership despite rising interest rates suggests that other local factors may be influencing the housing market in Garden Heights.
Renter percentages in Garden Heights have mirrored the homeownership trends, moving in the opposite direction. The renter-occupied rate peaked at 41% in 2015 and has since decreased to 35% in 2022. Average rent prices have shown an overall upward trend, increasing from $522 in 2013 to $609 in 2022, a rise of about 16.7%. Notably, there was a significant jump in average rent from $531 in 2019 to $640 in 2020, possibly influenced by the changing economic landscape during that period.
Recent data shows that average home prices in Garden Heights continued to rise in 2023 and 2024, reaching $160,505 and $163,701 respectively. This represents a modest increase of about 2.4% from 2022 to 2024. Concurrently, federal interest rates have increased substantially, reaching 5.02% in 2023 and 5.33% in 2024. The continued rise in home prices despite these higher interest rates suggests a robust demand for housing in the neighborhood.
Predictive models forecasting 5-year trends anticipate a continued moderate increase in average home prices in Garden Heights. If the current trajectory holds, average home prices could potentially reach around $175,000 to $180,000 by 2029. For rent prices, the trend suggests a possible increase to approximately $650-$675 per month over the same period, assuming steady economic conditions and no major market disruptions.
In conclusion, Garden Heights has exhibited resilience in its housing market, with a gradual increase in homeownership rates and steady growth in both average home prices and rent prices over the past decade. The neighborhood has maintained these positive trends even in the face of rising interest rates, indicating a strong local housing demand. As we look to the future, the data suggests continued growth in the real estate market of Garden Heights, albeit at a more moderate pace than seen in recent years.
