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Rising Home Values and Stable Ownership in Glen Campbell, PA: A Decade of Growth
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
Glen Campbell, located in Pennsylvania, is a small community that has experienced significant population growth over the past decade. The town has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local developments. Homeownership in Glen Campbell has remained relatively high, but with some fluctuations. In 2013, the homeownership rate stood at 91%, gradually decreasing to 85% by 2022. This slight decline in homeownership coincided with an increase in average home prices. The average home price data available shows a rise from $96,819 in 2020 to $106,819 in 2022, representing a 10.3% increase over two years. The relationship between federal interest rates and homeownership rates in Glen Campbell follows a generally expected pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 0.4%, homeownership rates remained relatively stable, hovering around 85-89%. However, as interest rates began to rise sharply in 2022 to 1.68%, we observed a slight dip in homeownership to 85%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in Glen Campbell have shown a modest increase, rising from 9% in 2013 to 15% in 2022. This trend coincides with a steady increase in average rent prices. The average rent rose from $567 in 2013 to $706 in 2022, marking a 24.5% increase over nine years. The population growth from 1,296 in 2013 to 1,688 in 2022 likely contributed to increased demand for rental properties, pushing up average rent prices.
In 2023 and 2024, Glen Campbell experienced a slight dip in average home prices, with values decreasing from $106,819 in 2022 to $104,122 in 2023, before rebounding slightly to $105,052 in 2024. This period also saw federal interest rates reach their highest levels in years, at 5.02% in 2023 and 5.33% in 2024, which may have contributed to the temporary cooling of the housing market.
Looking ahead, predictive models suggest that average home prices in Glen Campbell may continue to experience modest growth over the next five years, potentially reaching around $110,000 by 2029. Average rent prices are also expected to continue their upward trend, possibly surpassing $750 per month within the same timeframe. These projections assume relatively stable economic conditions and continued population growth in the area.
In summary, Glen Campbell has demonstrated resilience in its housing market, with consistently high homeownership rates despite rising home prices. The gradual increase in the renter population and average rent prices reflects the town's growing appeal and economic development. While recent interest rate hikes have slightly impacted the housing market, the overall trend suggests a stable and gradually appreciating real estate environment in this Pennsylvania community.
