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Rising Home Values and Stable Ownership in Volant, Pennsylvania: A Decade of Change
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
Volant, located in Pennsylvania, is a small community that has experienced significant demographic shifts over the past decade. This quaint borough has seen notable changes in its homeownership rates and housing market dynamics, reflecting broader economic trends and local developments.
The homeownership rate in Volant has remained relatively stable, with a slight decrease over the years. In 2013, the homeownership rate was 81%, and by 2022, it had decreased to 84%. This minor fluctuation suggests a generally steady housing market in terms of ownership. The average home prices in Volant have seen a significant increase in recent years. In 2023, the average home price was $247,794, rising to $248,781 in 2024, indicating a growing real estate market.
The relationship between federal interest rates and homeownership rates in Volant appears to follow general economic principles. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, the homeownership rate remained relatively stable, hovering around 86-88%. However, as interest rates began to rise significantly in 2022 to 1.68%, there was a slight decrease in homeownership to 84%, potentially reflecting the increased cost of borrowing.
Renter percentages in Volant have shown a slight increase over the years, corresponding with changes in average rent prices. In 2013, the renter-occupied rate was 19%, with an average rent of $728. By 2022, the renter percentage had decreased slightly to 16%, while the average rent had increased to $917. This trend suggests that despite higher rents, there has been a slight shift towards renting in recent years.
Looking at the most recent data, the average home price in Volant for 2023 was $247,794, increasing to $248,781 in 2024. This represents a modest year-over-year increase of about 0.4%. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can anticipate a continued gradual increase in average home prices in Volant. Based on the current trajectory, average home prices could potentially reach around $260,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching $1,100 to $1,200 per month within the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, Volant has maintained a high homeownership rate despite slight decreases in recent years. The housing market has shown resilience with steadily increasing home prices, even in the face of rising interest rates. The rental market has also experienced growth, with increasing average rents and a slight uptick in the percentage of renters. These trends suggest a dynamic housing market in Volant, balancing between homeownership and rental options, with potential for continued growth in both sectors over the coming years.
