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Topton, Pennsylvania: Rising Home Values Amid 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
Topton, Pennsylvania, is a small community with a rich history and a dynamic housing market. Over the past decade, this charming borough has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Topton has seen a significant decline from 2013 to 2022. In 2013, 74% of residents owned their homes, but by 2022, this figure had dropped to 56%. This 18 percentage point decrease coincided with a substantial increase in average home prices. In 2013, the average home price was $142,193, which steadily rose to $219,203 by 2022, representing a 54% increase over this period.
The relationship between federal interest rates and homeownership rates in Topton follows a well-established trend. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.38%, homeownership rates initially remained stable. However, despite these favorable borrowing conditions, the homeownership rate still declined, suggesting that other factors, such as rising home prices, may have played a more significant role in deterring potential buyers.
As homeownership decreased, the percentage of renters in Topton increased from 26% in 2013 to 44% in 2022. This shift was accompanied by fluctuations in average rent prices. In 2013, the average rent was $824, which decreased to $620 in 2018 before rising sharply to $1,057 by 2022. This represents a 28% increase in average rent over the entire period, with a particularly steep rise of 70% from 2018 to 2022. The population growth from 3,189 in 2013 to 3,215 in 2022 may have contributed to increased rental demand and subsequently higher rents.
In 2023 and 2024, the housing market in Topton continued its upward trajectory. The average home price reached $234,894 in 2023 and further increased to $247,376 in 2024, marking a 12.8% rise over these two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Topton may continue to rise over the next five years, potentially reaching around $275,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. However, these projections assume a continuation of current economic conditions and local market factors.
In summary, Topton has experienced a notable shift from homeownership to renting over the past decade, accompanied by substantial increases in both home prices and rents. The interplay between rising property values, changing interest rates, and demographic shifts has reshaped the local housing landscape. As the community moves forward, these trends are likely to have ongoing implications for housing affordability and residential dynamics in Topton.
