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Thornburg, PA: Stable Homeownership and Rising Home Values in a Small Borough
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
Thornburg, located in Pennsylvania, is a small community with a rich history and a unique real estate landscape. This charming borough, encompassing just 0.44 square miles, has experienced interesting shifts in homeownership and property values over the past decade. The area has maintained consistently high rates of owner-occupied housing, while average home prices have shown a steady upward trend.
The homeownership rate in Thornburg has remained exceptionally high, with a slight fluctuation over the years. In 2013, the owner-occupied rate stood at 93%, and it increased to 100% from 2015 to 2018. By 2022, it slightly decreased to 98%. This high rate of homeownership coincides with a consistent rise in average home prices. In 2013, the average home price was $263,495, and it steadily increased to $427,368 by 2022, representing a substantial 62.2% increase over nine years.
The relationship between federal interest rates and homeownership rates in Thornburg doesn't follow the typical pattern observed in many other areas. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained consistently high, suggesting that other factors may have a stronger influence on homeownership in this community.
Renter percentages in Thornburg have been notably low, corresponding to the high homeownership rates. In 2013, only 7% of housing units were renter-occupied, decreasing to 3% in 2014. From 2015 to 2018, there were no reported renter-occupied units. In 2022, the renter percentage slightly increased to 2%. The median rent price has remained stable at $2,250 from 2013 to 2022, indicating a lack of correlation between renter percentages and rent prices in this small community.
Looking at the most recent data, the average home price in Thornburg reached $437,452 in 2023 and further increased to $456,478 in 2024. This represents a 6.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates since 2007.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Thornburg will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $520,000 to $550,000, assuming a moderate annual growth rate of 3-4%. Rent prices are expected to remain stable or increase marginally, potentially reaching around $2,400 to $2,500 by 2029, given the historical stability of rent prices in the area.
In summary, Thornburg presents a unique real estate market characterized by consistently high homeownership rates and steadily increasing average home prices. The community has shown resilience to typical market forces, maintaining stable rents and high owner-occupancy rates despite fluctuations in interest rates. The continued upward trajectory of home prices, even in the face of rising interest rates, suggests a strong local demand for housing in this small Pennsylvania borough.
