Loading Content...
Rising Home Values and Shifting Ownership in Shinglehouse, Pennsylvania: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Shinglehouse, located in Pennsylvania, is a small community that has experienced notable fluctuations in population and housing dynamics over the past decade. The city has seen a general trend of decreasing homeownership rates, coupled with rising average home prices and rent costs in recent years.
The homeownership rate in Shinglehouse has shown an overall declining trend from 2013 to 2022. In 2013, 68% of residents owned their homes, but this figure dropped to 66% by 2022. During this period, average home prices have generally increased. While specific home price data is not available for earlier years, we can see that the average home price rose from $108,787 in 2020 to $119,933 in 2022, representing a 10.2% increase over two years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates generally corresponded with higher homeownership rates in Shinglehouse, as seen in 2015 when ownership peaked at 72%. However, as interest rates began to rise more sharply in 2022 (1.68%), the homeownership rate in the borough experienced a slight decline to 66%.
Renter percentages in Shinglehouse have shown an inverse relationship to homeownership rates, increasing from 32% in 2013 to 34% in 2022. Interestingly, average rent prices have also risen during this period. The average monthly rent increased from $488 in 2013 to $699 in 2022, a substantial 43.2% increase. This rise in rent prices occurred despite fluctuations in the city's population, which decreased from 1,099 in 2013 to 880 in 2022.
Looking at the most recent data, the average home price in Shinglehouse was $116,814 in 2023 and $114,591 in 2024, showing a slight decrease. This trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Shinglehouse may continue to experience modest fluctuations, potentially stabilizing or showing slight increases as the market adapts to higher interest rates. Rent prices are likely to continue their upward trajectory, albeit at a potentially slower pace, driven by ongoing demand for rental properties in the area.
In summary, Shinglehouse has experienced a gradual shift towards a higher percentage of renters, accompanied by significant increases in both average home prices and rent costs. The interplay between federal interest rates, homeownership rates, and housing costs highlights the complex dynamics shaping the local real estate market. As the community moves forward, these trends will likely continue to evolve, influenced by broader economic factors and local demographic changes.
