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Rising Home Values and Ownership in Waynesburg: A Decade of Housing Market Dynamics
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
Waynesburg, located in Pennsylvania, is a small community with a rich history and a changing demographic landscape. Over the past decade, this borough has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Waynesburg has shown considerable variation between 2013 and 2022. In 2013, 46% of residents owned their homes. This percentage increased to a peak of 57% in 2017 and 2022, with some fluctuations in between. Concurrently, average home prices have demonstrated a consistent upward trend. In 2016, the average home price was $104,127, which steadily increased to $149,652 by 2022, representing a significant 43.7% growth over six years.
The relationship between federal interest rates and homeownership rates in Waynesburg shows some correlation. For instance, the increase in homeownership from 45% in 2015 to 53% in 2016 coincided with relatively low federal interest rates of 0.13% and 0.4% respectively. The peak homeownership rate of 57% in 2017 occurred when interest rates were at 1%, still relatively low historically. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Waynesburg have fluctuated inversely to homeownership rates, as expected. The highest percentage of renters was observed in 2014 at 57%, when the average rent was $778. Interestingly, as the renter percentage decreased to 43% in 2017, the average rent also declined to $662. This trend continued into 2019, with 44% renters and an average rent of $626. However, by 2021, despite a slight increase in renters to 49%, the average rent rose to $787, possibly reflecting increased housing demand or improved rental property quality.
In 2023, the average home price in Waynesburg reached $154,895, a 3.5% increase from 2022. This growth continued into 2024, with average home prices rising to $157,123, a further 1.4% increase. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, Waynesburg's housing market has continued to show resilience and growth.
Looking ahead, based on the consistent upward trend in home prices over the past several years, it's projected that average home prices in Waynesburg could reach approximately $170,000 to $175,000 by 2029. For rent prices, considering the fluctuations seen in recent years, a more conservative estimate would suggest average rents could range between $750 to $850 by 2029, assuming steady economic conditions and population growth.
In summary, Waynesburg has experienced a notable increase in homeownership rates and average home prices over the past decade, despite recent rises in interest rates. The rental market has shown more volatility, with periods of both declining and increasing average rents. These trends reflect a dynamic housing market in Waynesburg, likely influenced by a combination of local economic factors, population changes, and broader market conditions.
