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Rising Home Values and Stable Ownership in Wehnwood, Altoona: 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
Wehnwood, a neighborhood in Altoona, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Wehnwood has shown some variability over the years, with a general trend towards slight decline. In 2013, the homeownership rate stood at 81%, but by 2022, it had decreased to 77%. This shift coincided with changes in average home prices. The average home price in 2019 was $133,406, which increased steadily to $161,133 by 2022, representing a 20.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Wehnwood follows some expected patterns. The period from 2013 to 2016 saw relatively low federal interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, between 78% and 82%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, we see a corresponding dip in homeownership to 76% that year.
Renter percentages and average rent prices in Wehnwood have shown interesting trends. The renter-occupied percentage increased from 19% in 2013 to 23% in 2022, with some fluctuations in between. Average rent prices have been volatile, with notable increases and decreases. For example, the average rent rose from $737 in 2013 to $1,382 in 2018, a substantial 87.5% increase. However, it then decreased to $867 in 2022, representing a 37.3% drop from the 2018 peak. These fluctuations might be influenced by changes in the neighborhood's population, which decreased from 1,021 in 2013 to 952 in 2022.
As of 2024, the average home price in Wehnwood has reached $164,672, showing continued growth from previous years. This increase comes despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the rates seen in the past decade. The 2023 average home price was $163,309, indicating a modest year-over-year increase of about 0.8%.
Looking ahead, predictive models suggest that average home prices in Wehnwood may continue to rise moderately over the next five years, potentially reaching around $175,000 by 2029. This projection assumes a continuation of current trends and stable economic conditions. Average rent prices, which have been more volatile, are harder to predict accurately. However, if recent trends persist, they might stabilize around $900-$950 per month over the next five years.
In summary, Wehnwood has experienced a gradual shift towards more renting and slightly less homeownership over the past decade, despite rising average home prices. The neighborhood has shown resilience in its housing market, with home values continuing to appreciate even in the face of rising interest rates. The rental market has been more volatile, with significant fluctuations in average rents. These trends suggest a dynamic housing market in Wehnwood, likely influenced by broader economic factors and local demographic changes.
