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Starrucca: High Homeownership Rates Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Starrucca, located in Pennsylvania, is a small community with a population that has fluctuated around 1,000 residents over the past decade. The city has maintained a consistently high rate of homeownership, typically above 80%, while experiencing gradual increases in average home prices and rent values. This analysis will explore the interplay between ownership rates, housing prices, and rental trends in Starrucca.
The homeownership rate in Starrucca has remained notably high, ranging from 79% to 91% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2016, the average home price was $173,775, which increased to $260,948 by 2022, representing a significant 50% growth over six years. This rise in home values coincided with slight fluctuations in homeownership rates, which reached a peak of 91% in 2021 before settling at 88% in 2022.
Federal interest rates have played a role in shaping homeownership trends in Starrucca. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. These low rates likely contributed to the maintenance of high homeownership levels in the borough. As interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate showed resilience, remaining at 88%, suggesting that other local factors may have supported continued high levels of homeownership.
Renter percentages in Starrucca have remained relatively low, fluctuating between 9% and 21% from 2013 to 2022. Average rent prices have shown moderate variability during this period. In 2013, the average rent was $725, which increased to $871 by 2022, representing a 20% increase over nine years. Interestingly, the highest renter percentage of 21% was observed in 2015 and 2016, coinciding with average rent prices of $718 and $709 respectively, suggesting that rental demand may have been influenced by factors beyond just price.
In 2023 and 2024, Starrucca continued to see growth in average home prices. The average home price reached $261,300 in 2023 and further increased to $264,171 in 2024, indicating a continued upward trend in the local housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Starrucca may continue to rise over the next five years, potentially reaching around $290,000 by 2029. This projection is based on the historical trend of steady appreciation observed in the local housing market. Average rent prices are also expected to increase, potentially reaching approximately $950 per month by 2029, assuming the trend of gradual increases continues.
In summary, Starrucca has maintained a remarkably high rate of homeownership despite rising home prices. The community has shown resilience in its housing market, with consistent growth in property values and moderate increases in rent prices. The interplay between federal interest rates, local economic factors, and housing demand will likely continue to shape the borough's real estate landscape in the coming years.
