Renter percentages in Orrstown have generally decreased as homeownership rates increased. In 2013, 21% of housing units were renter-occupied. This percentage rose to 29% in 2016 but then steadily declined to 15% by 2022. Average rent prices, however, have shown an overall upward trend. In 2013, the average rent was $880, which increased to $1,099 by 2022, representing a 25% increase over nine years. This rise in rent prices occurred despite the decreasing percentage of renters, possibly reflecting increased housing costs in the area or improvements in rental property quality.

In 2023 and 2024, Orrstown experienced continued growth in average home prices. The average home price rose to $259,407 in 2023 and further increased to $267,386 in 2024. This represents an 8.2% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.

Looking ahead, based on recent trends, we can predict that average home prices in Orrstown may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, possibly at a rate similar to or slightly below the growth in home prices. However, if the trend of increasing homeownership continues, we might see a stabilization or slight decrease in rental demand, which could moderate rent price growth.

In summary, Orrstown has experienced a significant increase in homeownership rates over the past decade, accompanied by rising home prices and rent costs. The community has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. These trends suggest a strong local housing market with potential for continued growth in both the homeownership and rental sectors.