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Rising Home Values and Ownership Trends in Ellwood City: A Resilient Pennsylvania Borough
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
Ellwood City, located in Pennsylvania, is a small community with a rich history dating back to its founding in 1892. The city has experienced fluctuations in homeownership rates and housing prices over the years, reflecting broader economic trends and local dynamics.
The ownership percentage in Ellwood City has shown a notable shift over the past decade. In 2013, homeownership stood at 69%, but it decreased to 65% by 2017 and remained stable until 2019. Interestingly, there was a reversal of this trend in recent years, with homeownership rising to 70% by 2022. This change coincided with significant growth in average home prices. From 2013 to 2022, average home prices in the borough increased by approximately 57.6%, rising from $86,877 to $136,953. This substantial appreciation in home values likely influenced homeownership rates, as residents may have been motivated to purchase homes as investments.
The relationship between federal interest rates and homeownership rates in Ellwood City appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the borough saw an increase in homeownership from 67% to 69%. This trend continued into 2022, with homeownership reaching 70% despite a slight increase in interest rates to 1.68%.
Rental trends in Ellwood City have shown some fluctuation over the years. The percentage of renters increased from 31% in 2013 to 35% in 2017 and remained stable until 2019. However, this trend reversed in recent years, with the renter percentage decreasing to 30% by 2022. Average rent prices have been relatively volatile during this period. In 2013, the average rent was $695, which decreased to $600 by 2017. Since then, there has been a gradual increase, with the average rent reaching $650 in 2022. These changes in rental rates and occupancy may be influenced by the borough's population dynamics, which saw a decrease from 7,810 in 2013 to 7,838 in 2022.
Looking at the most recent data, average home prices in Ellwood City continued to rise, reaching $139,762 in 2023 and $148,159 in 2024. This represents a significant increase of about 8.2% from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the borough.
Based on the historical data and current trends, a 5-year forecast for Ellwood City suggests continued growth in average home prices, potentially reaching around $170,000 to $180,000 by 2029. Average rent prices may also see a modest increase, possibly reaching $700 to $750 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Ellwood City has experienced a resurgence in homeownership rates in recent years, accompanied by significant appreciation in home values. The rental market has shown some volatility but appears to be stabilizing. The interplay between interest rates, housing prices, and demographic shifts will likely continue to shape the borough's housing landscape in the coming years.
