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Rising Homeownership in Turbotville: A Decade of Housing Market Shifts
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
Turbotville, located in Pennsylvania, has experienced significant shifts in its housing market over the past decade. This small community has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts. The homeownership rate in Turbotville has shown a strong upward trend, particularly in recent years. In 2013, 74% of housing units were owner-occupied. This figure fluctuated slightly over the following years but saw a substantial increase from 2019 onwards. By 2022, the homeownership rate had risen to 83%, indicating a growing preference for homeownership in the community. Interestingly, this increase in homeownership coincided with a rise in average home prices. In 2022, the average home price in Turbotville was $248,749, suggesting that despite rising costs, more residents were choosing to invest in property.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2021, interest rates remained historically low, ranging from 0.08% to 1.68%. This period of low interest rates likely contributed to the increase in homeownership, as it made mortgage financing more affordable for potential buyers. The sharp rise in homeownership from 75% in 2019 to 83% in 2022 coincided with interest rates that, while increasing, were still relatively low compared to historical norms.
Conversely, the percentage of renters in Turbotville has decreased over time. In 2013, 26% of housing units were renter-occupied. This figure peaked at 33% in 2015 but has since declined steadily, reaching 17% by 2022. Despite this decrease in the renter population, average rent prices have consistently increased. The average monthly rent rose from $486 in 2013 to $683 in 2022, representing a 40.5% increase over nine years. This trend suggests that while fewer residents are renting, those who do are facing higher costs.
In 2023 and 2024, Turbotville continued to see changes in its housing market. The average home price increased slightly to $251,468 in 2023 before decreasing to $240,948 in 2024. This recent dip in home prices occurred as federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the slight cooling of home prices.
Looking ahead, predictive models suggest that average home prices in Turbotville may experience moderate growth over the next five years, albeit at a slower pace than seen in recent years. This projection is based on the assumption that interest rates will stabilize and local economic conditions will remain relatively stable. Average rent prices are expected to continue their upward trend, potentially reaching around $750-$800 per month by 2029, driven by ongoing demand for rental properties despite the increase in homeownership.
In summary, Turbotville has seen a significant shift towards homeownership, with 83% of housing units being owner-occupied by 2022. This trend has occurred despite rising home prices and is likely influenced by the prolonged period of low interest rates. The rental market has simultaneously contracted in terms of occupancy but experienced rising prices. Recent increases in interest rates and a slight dip in home prices suggest a potential stabilization of the market, with moderate growth expected in both home prices and rents over the next five years.
