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Rossiter, PA: Rising Home Values Amid Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rossiter, located in Pennsylvania, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in Rossiter, revealing interesting patterns in the local real estate landscape. The homeownership rate in Rossiter has shown significant fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 73%. This rate increased steadily, reaching a peak of 88% in 2018, before declining to 73% by 2022. The average home prices in Rossiter have shown a general upward trend in recent years. From 2020 to 2022, the average home price increased from $113,868 to $126,409, representing a growth of about 11% over two years.
The relationship between federal interest rates and homeownership rates in Rossiter appears to follow established trends. As interest rates remained low from 2013 to 2018, hovering between 0.09% and 1.83%, homeownership rates increased from 73% to 88%. This aligns with the general principle that lower interest rates make home financing more affordable, encouraging homeownership. However, as interest rates began to rise more sharply from 2021 onwards, homeownership rates in Rossiter started to decline, reaching 73% by 2022 when the federal interest rate was 1.68%.
The renter percentage in Rossiter has inversely mirrored the homeownership rate, decreasing from 27% in 2013 to a low of 12% in 2018, before rising back to 27% in 2022. The average rent prices have shown a consistent upward trend despite these fluctuations in renter percentages. The average rent increased from $604 in 2013 to $1,070 in 2022, a substantial rise of about 77% over nine years. This increase in rent prices occurred even as the population of Rossiter decreased slightly from 1,264 in 2013 to 1,096 in 2022, suggesting that other factors beyond population change were influencing rent prices.
In 2023 and 2024, Rossiter's housing market has continued to evolve. The average home price in 2023 was $124,760, showing a slight decrease from 2022. However, in 2024, the average home price rose to $132,169, indicating a recovery and continued growth in the housing market. These changes occurred against a backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that both average home prices and rent prices in Rossiter are likely to continue their upward trajectory over the next five years. Based on recent trends, average home prices could potentially reach around $150,000 by 2029, while average rent prices might approach $1,500 per month. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, Rossiter has experienced significant fluctuations in homeownership rates, with a peak in 2018 followed by a decline. Despite these changes, both average home prices and rent prices have shown strong upward trends. The relationship between interest rates and homeownership rates follows expected patterns, with lower rates generally corresponding to higher homeownership. The continued rise in both home prices and rent prices, even as the population has slightly decreased, suggests a complex interplay of factors influencing the local housing market.
