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Rising Home Values and Ownership in Hallstead, Pennsylvania: A Decade of Change
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
Hallstead, located in Pennsylvania, is a small community that has experienced significant demographic shifts over the past decade. The town has seen notable changes in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
Homeownership in Hallstead has shown a general upward trend since 2013. The percentage of owner-occupied homes increased from 59% in 2013 to 64% in 2022, with a peak of 65% in 2021. This rise in homeownership coincided with fluctuations in average home prices. Average home prices in Hallstead rose from $156,480 in 2018 to $180,693 in 2022, representing a 15.5% increase over four years.
The relationship between federal interest rates and homeownership rates in Hallstead aligns with well-established trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates increased. This pattern supports the notion that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in Hallstead decreased from 41% in 2013 to 36% in 2022. Despite this decline in the renter population, average rent prices showed an upward trajectory. The average rent increased from $521 in 2013 to $727 in 2022, a substantial 39.5% rise over nine years. This increase in rent prices occurred even as the overall population of Hallstead fluctuated, decreasing from 1,233 in 2013 to 1,345 in 2022.
In 2023 and 2024, Hallstead experienced further changes in its housing market. The average home price in 2023 was $181,798, showing a slight increase from 2022. However, in 2024, the average home price decreased to $175,420. This decline coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Hallstead may experience moderate growth over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are expected to continue their upward trend, potentially surpassing $800 per month within the same timeframe.
In summary, Hallstead has seen a notable increase in homeownership rates and average home prices since 2013, alongside rising rent prices despite a decreasing renter population. The recent uptick in interest rates may influence future homeownership trends and housing prices. These patterns reflect the complex interplay between local market conditions, broader economic factors, and demographic shifts in this Pennsylvania community.
