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Sharon Hill: Home Values Double Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sharon Hill, located in Pennsylvania, is a small community with a rich history dating back to the late 19th century. The city has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in Sharon Hill has shown a significant decline from 2013 to 2022. In 2013, 70% of residents owned their homes, but by 2022, this figure had dropped to 60%. This downward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $83,679, which rose dramatically to $164,680 by 2022, representing a 96.8% increase over nine years. The relationship between federal interest rates and homeownership rates in Sharon Hill follows a generally inverse pattern. As interest rates remained low from 2013 to 2020 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable, fluctuating between 68% and 78%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership rates declined to 60%, suggesting that higher borrowing costs may have deterred potential buyers.
Conversely, the percentage of renters in Sharon Hill has increased from 30% in 2013 to 40% in 2022. This rise in the renter population correlates with an overall increase in average rent prices. In 2013, the average rent was $1,104, which grew to $1,086 by 2022. Despite a slight decrease in 2022, the general trend shows rising rent prices, with a peak of $1,285 in 2021. The growing renter population may be attributed to the increasing difficulty of homeownership due to rising home prices and interest rates.
In 2023 and 2024, the housing market in Sharon Hill continued to evolve. The average home price reached $176,096 in 2023 and further increased to $183,123 in 2024, representing a 4% year-over-year growth. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Sharon Hill may continue to rise over the next five years, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Sharon Hill has experienced a notable shift from homeownership to renting over the past decade, driven by rising home prices and fluctuating interest rates. The significant increase in average home values, coupled with higher interest rates, has likely made homeownership more challenging for some residents. As the rental market expands, both home prices and rent costs are expected to continue their upward trajectory in the coming years, reflecting the ongoing changes in this Pennsylvania community's housing landscape.
