Loading Content...
Rising Home Values and Shifting Ownership in Calvert Hills, Altoona
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Calvert Hills, a neighborhood in Altoona, Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the neighborhood's real estate dynamics. From 2013 to 2022, Calvert Hills saw fluctuations in homeownership rates. The percentage of owner-occupied homes increased from 75% in 2013 to a peak of 81% in 2019, before declining to 69% by 2022. During this period, average home prices in the neighborhood showed a steady upward trajectory. Starting from $93,846 in 2016, average home prices rose consistently, reaching $123,187 by 2022, representing a 31% increase over six years.
The relationship between federal interest rates and homeownership rates in Calvert Hills presents an interesting pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates in the neighborhood increased from 75% to 79%. However, despite continued low interest rates through 2020, homeownership began to decline from 2019 onwards. This suggests that while low interest rates generally encourage homeownership, other local factors may have influenced the housing market in Calvert Hills.
Renter percentages in Calvert Hills showed an inverse relationship to homeownership rates, increasing as homeownership declined. The percentage of renter-occupied homes grew from 18% in 2019 to 31% by 2022. Average rent prices in the neighborhood demonstrated significant volatility during this period. From 2013 to 2018, average rents remained relatively stable, ranging from $615 to $702. However, there was a sharp increase to $1,085 in 2019, followed by a decline to $882 in 2020, and then a slight rise to $885 by 2022. This volatility in rent prices occurred alongside fluctuations in the neighborhood's population, which peaked at 3,335 in 2018 before declining to 2,929 by 2022.
Looking at the most recent data, average home prices in Calvert Hills continued to rise, reaching $123,777 in 2023 and slightly decreasing to $123,577 in 2024. This represents a relatively stable market despite the significant increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Calvert Hills to continue a moderate upward trajectory, potentially reaching around $130,000 to $135,000 by 2029. Average rent prices are expected to stabilize and potentially show a slight increase, possibly reaching $950 to $1,000 per month in the same period. These predictions assume relatively stable economic conditions and no major shifts in local housing policies or market dynamics.
In summary, Calvert Hills has experienced a transition from a predominantly owner-occupied neighborhood to one with a growing renter population. Despite this shift, average home prices have shown resilience and consistent growth. The volatility in rent prices and the recent stabilization of home prices suggest a housing market in flux, adapting to changing economic conditions and demographic shifts. The neighborhood's ability to maintain relatively high property values, even as homeownership rates decline, indicates its continued attractiveness as a residential area in Altoona.
