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Rising Home Values and Shifting Ownership in Everson: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Everson, located in Pennsylvania, is a small community with a rich history and a dynamic housing market. Over the past decade, the city has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Everson has shown a gradual decline from 2013 to 2022. In 2013, 84% of housing units were owner-occupied, but by 2022, this figure had decreased to 77%. This trend coincides with fluctuations in average home prices. In 2013, the average home price was $50,768, which increased to $88,144 by 2022, representing a significant 73.6% rise over nine years. Despite this overall increase, there were periods of volatility, such as a dip to $55,731 in 2017 before rebounding.
Federal interest rates have played a role in shaping homeownership trends in Everson. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates remained relatively stable, ranging from 84% to 82%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, dropping to 77% by 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates declined, the percentage of renters in Everson increased from 16% in 2013 to 23% in 2022. This shift coincided with a rise in average rent prices. In 2013, the average rent was $614, which increased to $776 by 2022, representing a 26.4% increase. The growth in the renter population and rent prices may be attributed to factors such as changing demographics, economic conditions, and housing affordability challenges.
In 2023 and 2024, Everson experienced further changes in its housing market. The average home price continued to rise, reaching $88,347 in 2023 and $97,547 in 2024, marking a 10.4% increase from 2022 to 2024. Concurrently, federal interest rates climbed significantly, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the borough.
Looking ahead, predictive models suggest that average home prices in Everson may continue to rise over the next five years, potentially reaching around $110,000 to $115,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $850 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Everson has experienced a gradual shift from homeownership to renting over the past decade, accompanied by significant increases in both home prices and rent. The relationship between federal interest rates and homeownership rates has been evident, with rising rates coinciding with declining ownership. As the housing market continues to evolve, these trends are likely to shape the future of housing in Everson, potentially influencing affordability and community dynamics in the years to come.
