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Rising Home Values and Shifting Ownership in Creekside, Pennsylvania: A Decade of Housing Trends
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
Creekside, located in Pennsylvania, is a small community with a population of 1,692 as of 2022. The city has experienced notable fluctuations in homeownership rates and housing prices over the past decade. Overall, the trend shows a slight decrease in homeownership, while average home prices have seen an upward trajectory in recent years.
The homeownership rate in Creekside has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 84%, which increased to 88% in 2015 and remained stable until 2018. However, by 2022, it had decreased to 85%. During this period, average home prices demonstrated an upward trend. From 2020 to 2022, average home prices rose from $137,279 to $158,412, representing a 15.4% increase over two years.
The relationship between federal interest rates and homeownership rates in Creekside appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively high at 86% and 85%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate stabilized at 85%.
The percentage of renters in Creekside has shown a slight increase from 2013 to 2022, rising from 16% to 15%. Average rent prices have also demonstrated an upward trend during this period. In 2013, the average rent was $607, which increased to $719 by 2022, representing an 18.5% increase over nine years. This rise in rent prices occurred despite fluctuations in the city's population, which decreased from 2,238 in 2013 to 1,692 in 2022.
In 2023 and 2024, average home prices in Creekside continued to rise, reaching $161,266 in 2023 and $163,693 in 2024. This represents a modest increase of 1.5% from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Creekside will continue to rise, albeit at a more moderate pace. Based on the current trajectory, average home prices could potentially reach around $175,000 to $180,000 by 2029. Average rent prices are also expected to continue their upward trend, potentially reaching $750 to $800 per month in the next five years.
In summary, Creekside has experienced a slight decrease in homeownership rates over the past decade, coupled with rising average home prices and rent costs. The relationship between interest rates and homeownership rates generally follows expected patterns, with lower rates corresponding to higher homeownership. As interest rates continue to rise, it will be crucial to monitor their impact on the local housing market and homeownership trends in the coming years.
