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Robesonia, Pennsylvania: Home Values and Ownership Trends in a Historic Borough
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
Robesonia, located in Pennsylvania, is a small community with a rich history dating back to the 18th century. Known for its historic charm and close-knit community, Robesonia has experienced fluctuations in homeownership rates and housing prices over the past decade. The town has seen a general trend of decreasing homeownership, while average home prices and average rent have shown an upward trajectory.
The relationship between homeownership percentages and average home prices in Robesonia presents an interesting dynamic. In 2013, the homeownership rate stood at 78%, with the average home price at $169,242. As average home prices gradually increased, reaching $203,164 in 2019, the homeownership rate declined to 69%. This trend suggests that rising home prices may have made homeownership less accessible for some residents. However, by 2022, there was a slight reversal, with homeownership increasing to 77% despite average home prices rising to $272,714, indicating a potential shift in local economic conditions or housing preferences.
Federal interest rates have played a significant role in shaping homeownership trends in Robesonia. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 75-79%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, homeownership rates dropped to 68%. This aligns with the general trend that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages and average rent prices in Robesonia have shown a correlation over the years. In 2013, the renter-occupied percentage was 22%, with an average rent of $759. As the renter population increased to 32% in 2018, the average rent also rose to $817. This trend continued, with the average rent reaching $919 in 2022, although the renter percentage decreased slightly to 23%. The fluctuations in renter percentages and rent prices may be influenced by factors such as changes in the local job market, overall population trends, and the availability of rental properties.
In 2023, Robesonia saw average home prices rise to $288,080, with federal interest rates at 5.02%. Moving into 2024, average home prices further increased to $303,237, while interest rates slightly rose to 5.33%. These figures represent the current market conditions in Robesonia, reflecting a continued upward trend in housing prices despite relatively high interest rates.
Looking ahead, predictive models suggest that Robesonia's housing market will continue to evolve. Over the next five years, average home prices are expected to maintain their upward trajectory, potentially reaching around $350,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,100 per month within the same timeframe. These predictions are based on historical trends and current market conditions, but actual outcomes may vary depending on economic factors and local developments.
In summary, Robesonia has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The community has seen a general trend of increasing housing costs, both for owners and renters, while homeownership rates have fluctuated. The influence of federal interest rates on homeownership patterns is evident, with higher rates generally corresponding to lower ownership percentages. As Robesonia moves forward, the housing market is expected to continue its upward price trend, potentially impacting the balance between owners and renters in this historic Pennsylvania borough.
