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Schuylkill Haven's Rising Home Values: 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
Schuylkill Haven, located in Pennsylvania, is a small community with a rich history and a changing real estate landscape. Over the past decade, this borough has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics. The homeownership rate in Schuylkill Haven has shown a general decline from 2013 to 2022. In 2013, 68% of residents owned their homes, while by 2022, this figure had dropped to 59%. Concurrently, average home prices have demonstrated a significant upward trend. In 2013, the average home price was $109,239, which steadily increased to $182,392 by 2022, representing a 67% increase over this period.
The relationship between federal interest rates and homeownership rates in Schuylkill Haven appears to follow established economic patterns. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates initially increased, reaching a peak of 74% in 2017. However, despite continued low rates, homeownership began to decline from 2018 onwards, suggesting other local factors were at play.
Renter percentages in Schuylkill Haven have inversely mirrored the homeownership trend, increasing from 32% in 2013 to 41% in 2022. Average rent prices have fluctuated over this period, with notable peaks and valleys. In 2013, the average rent was $595, rising to a high of $842 in 2016, before declining to $647 in 2022. These fluctuations may be influenced by changes in housing supply, local economic conditions, and shifting demographics within the borough.
The years 2023 and 2024 have seen continued growth in average home prices in Schuylkill Haven. In 2023, the average home price reached $192,379, and in 2024, it further increased to $206,172. This represents a 13% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Schuylkill Haven are likely to continue their upward trajectory over the next five years, potentially reaching around $240,000 by 2029. Average rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching $700-$750 per month in the same timeframe.
In summary, Schuylkill Haven has experienced a clear shift towards renting, with homeownership rates declining despite rising property values. This trend, coupled with fluctuating rent prices and increasing home values, suggests a changing housing market that may be influenced by broader economic factors, local employment opportunities, and demographic shifts. The recent sharp increase in interest rates may further impact these trends, potentially affecting affordability and homeownership rates in the coming years.
