Loading Content...
Rising Home Values and Shifting Ownership in Akron, Pennsylvania: A Decade of Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Akron, located in Pennsylvania, is a small but vibrant community with a population of 4,135 as of 2022. This charming town has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in Akron has seen notable fluctuations since 2013. In 2013, 68% of residents were homeowners, but this percentage steadily declined to a low of 50% in 2019. However, there has been a reversal in recent years, with homeownership increasing to 57% by 2022. Interestingly, this trend coincides with changes in average home prices. In 2013, the average home price was $168,287, which gradually increased to $209,402 by 2019. As homeownership rates began to recover, average home prices continued to rise more rapidly, reaching $277,570 in 2022.
The relationship between federal interest rates and homeownership rates in Akron aligns with well-established trends. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates were relatively high, starting at 68% in 2013. As interest rates began to rise, reaching 2.16% by 2019, homeownership rates declined to their lowest point of 50%. The subsequent drop in interest rates to 0.08% in 2021 corresponded with a rebound in homeownership to 57%.
Renter percentages in Akron have mirrored the inverse of homeownership trends. The proportion of renters increased from 32% in 2013 to a peak of 50% in 2019, before declining slightly to 43% in 2022. Average rent prices have generally increased over this period, starting at $975 in 2013 and reaching $1,117 in 2021. However, there was a slight decrease to $1,009 in 2022. The population growth from 3,962 in 2013 to 4,135 in 2022 may have contributed to the overall upward pressure on rent prices.
As of 2024, the average home price in Akron has risen to $310,884, continuing the upward trend observed in previous years. This increase comes despite the federal interest rate climbing to 5.33% in 2024, which is significantly higher than the rates seen in the past decade. The 2023 average home price was $297,099, with a federal interest rate of 5.02%.
Looking ahead, predictive models suggest that average home prices in Akron 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 expected to increase moderately, driven by population growth and housing demand. However, the rate of increase may be tempered by the availability of new housing units and economic factors.
In summary, Akron has experienced a notable shift from a predominantly homeowner community to a more balanced mix of owners and renters over the past decade. The recent rebound in homeownership rates, coupled with rising home prices, suggests a renewed interest in property ownership despite higher interest rates. The interplay between federal interest rates, housing prices, and rental markets continues to shape the residential landscape of this Pennsylvania borough.
