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Rising Home Values and Ownership in Telford: A Decade of Growth in Pennsylvania's Small Borough
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Telford, located in Pennsylvania, is a small yet vibrant community spanning just 1.01 square miles. This charming town has experienced interesting shifts in homeownership rates and housing market dynamics over the past decade. From 2013 to 2022, Telford saw a notable increase in homeownership, while average home prices and average rent prices followed distinct trajectories.
The trend of homeownership in Telford has shown a steady increase from 2013 to 2022. In 2013, 56% of residents were homeowners, and this percentage rose to 61% by 2022. This upward trend coincided with a significant increase in average home prices. In 2013, the average home price was $235,858, and it climbed to $366,420 by 2022, representing a 55.4% increase over nine years. This correlation suggests that rising property values may have motivated more residents to invest in homeownership, seeing it as a potentially lucrative long-term investment.
Federal interest rates played a crucial role in shaping homeownership trends in Telford. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. This favorable financing environment likely contributed to the initial increase in homeownership from 56% in 2013 to 58% in 2018. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, the rate of homeownership growth slowed but still continued to increase, reaching 61% in 2022. This suggests that other factors, such as local economic conditions or housing market dynamics, may have offset the potential negative impact of rising interest rates on homeownership.
The renter population in Telford experienced a corresponding decline as homeownership increased. In 2013, 44% of residents were renters, and this percentage decreased to 39% by 2022. Interestingly, average rent prices showed a fluctuating trend during this period. In 2013, the average rent was $1,434, which decreased to $1,192 by 2022, representing a 16.9% decrease. This decline in average rent prices, coupled with the decrease in the percentage of renters, suggests that the rental market in Telford may have become more competitive, with landlords potentially lowering rents to attract tenants in a market increasingly favoring homeownership.
Moving to the present, the average home price in Telford continued its upward trajectory, reaching $387,334 in 2023 and further increasing to $403,270 in 2024. This represents a 10.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially impacting future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in Telford are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, which have been decreasing, may begin to stabilize or slightly increase as the rental market adjusts to changing demand. However, the exact trajectory will depend on various factors, including local economic conditions, population growth, and broader market trends.
In summary, Telford has experienced a notable increase in homeownership rates from 2013 to 2022, accompanied by rising average home prices. The rental market has seen a decline in both the percentage of renters and average rent prices. Recent data from 2023 and 2024 shows continued growth in home prices despite rising interest rates, indicating a resilient housing market. These trends reflect the dynamic nature of Telford's real estate landscape and suggest a continued shift towards homeownership in this Pennsylvania community.
