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Smethport, Pennsylvania: Rising Home Values and Ownership Rates in a Historic Small Town
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
Smethport, located in Pennsylvania, has experienced fluctuating population and housing trends over the past decade. This small town, known for its rich history and scenic surroundings, has seen interesting shifts in homeownership rates and housing prices.
The homeownership rate in Smethport has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 71%, which increased to 80% by 2016. After a slight dip to 77% in 2020, it rebounded to 78% in 2022. This overall increase in homeownership coincided with a rise in average home prices. The average home price in Smethport increased from $101,180 in 2019 to $114,697 in 2022, representing a 13.4% increase over three years.
The relationship between federal interest rates and homeownership rates in Smethport appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 71% to 80%. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership rates in Smethport remained relatively stable, suggesting other local factors may have influenced this trend.
Renter percentages in Smethport have generally decreased as homeownership rates increased. The percentage of renters dropped from 29% in 2013 to 22% in 2022. Despite this decrease in the renter population, average rent prices have shown a consistent upward trend. The average rent increased from $617 in 2013 to $1,077 in 2022, representing a substantial 74.6% increase over nine years. This significant rise in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved rental property quality or limited rental inventory.
In 2023, the average home price in Smethport reached $116,674, showing continued growth from previous years. However, in 2024, there was a slight decrease to $114,218. This recent dip coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home buying affordability and demand.
Looking ahead, based on the historical data and recent trends, we can expect the average home prices in Smethport to continue experiencing moderate growth over the next five years, albeit at a slower pace due to higher interest rates. Average rent prices are likely to maintain their upward trajectory, potentially reaching around $1,300-$1,400 by 2029, assuming the current rate of increase continues.
In summary, Smethport has demonstrated a strong trend towards homeownership over the past decade, with increasing average home prices. Despite a decreasing renter population, rent prices have risen significantly. The recent uptick in interest rates may moderate home price growth in the near future, while rent prices are expected to continue their upward trend.
