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Rising Home Values and Shifting Ownership in Rouseville: A Decade of Housing Market 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
Rouseville, located in Pennsylvania, is a small community with a rich history tied to the oil industry. Over the past decade, this borough has experienced notable shifts in its housing market, characterized by fluctuations in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Rouseville has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate stood at 85%, reaching its peak of 88% in 2017 before declining to 82% by 2022. Interestingly, this trend coincided with significant changes in average home prices. The average home price in Rouseville rose from $39,952 in 2013 to $64,531 in 2022, representing a substantial increase of 61.5% over this period. This suggests that rising home prices may have contributed to the slight decrease in homeownership rates, as affordability became a growing concern for potential buyers.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Rouseville remained relatively stable, ranging from 85% to 87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, we observed a gradual decline in homeownership rates to 82%. This aligns with the general trend where higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Rouseville has shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 15% in 2013 to 18% in 2022. This shift coincided with fluctuations in average rent prices. Average rent in Rouseville decreased from $635 in 2013 to $555 in 2017, before rising significantly to $836 by 2022, representing a 31.7% increase over the entire period. The sharp increase in rent prices, particularly from 2020 to 2022, may be attributed to growing demand for rental properties as homeownership became less attainable for some residents.
In 2023 and 2024, Rouseville's housing market showed signs of stabilization. The average home price slightly decreased from $64,531 in 2022 to $63,138 in 2023, and further to $62,973 in 2024. This slight cooling of the market occurred as federal interest rates reached 5.02% in 2023 and 5.33% in 2024, potentially dampening demand for home purchases.
Looking ahead, predictive models suggest that average home prices in Rouseville may continue to experience modest growth over the next five years, albeit at a slower pace than observed in the early 2020s. Average rent prices are forecasted to maintain an upward trajectory, reflecting ongoing demand for rental properties. However, the rate of increase is expected to moderate compared to the sharp rises seen in recent years.
In summary, Rouseville has experienced a gradual shift towards renting, with a slight decrease in homeownership rates coinciding with significant increases in both average home prices and rent prices. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends. As the housing market shows signs of stabilization, Rouseville is likely to see continued, albeit more moderate, growth in both home values and rental costs in the coming years.
