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Turtle Creek's Evolving Real Estate: Home Values Double Amid Shift to Renting
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Turtle Creek, located in Pennsylvania, is a small urban community with a rich industrial history. Over the past decade, this borough has experienced notable shifts in its housing market, characterized by changing homeownership rates and fluctuating average home and rent prices. The overall trend shows a decrease in homeownership, coupled with rising average home prices and rent costs.
The homeownership rate in Turtle Creek has shown a gradual decline from 2013 to 2022. In 2013, 43% of residents owned their homes. This percentage dropped to 38% by 2015 and remained relatively stable until 2019. However, by 2022, homeownership further decreased to 37%. Interestingly, this decline in homeownership coincided with a significant increase in average home prices. The average home price rose from $49,443 in 2013 to $102,831 in 2022, representing a substantial 108% increase over nine years.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. Despite these favorable borrowing conditions, homeownership in Turtle Creek continued to decline. This suggests that other factors, such as local economic conditions or housing availability, may have had a stronger influence on homeownership rates than interest rates alone.
As homeownership declined, the percentage of renters in Turtle Creek increased. The renter-occupied housing rate rose from 57% in 2013 to 63% in 2022. This shift towards renting coincided with a significant increase in average rent prices. The average rent increased from $480 in 2013 to $692 in 2022, a 44% rise. The growing renter population, combined with a declining overall population (from 5,350 in 2013 to 5,087 in 2022), suggests a changing demographic composition in the borough, possibly influenced by economic factors or housing preferences.
In 2023 and 2024, Turtle Creek's housing market showed some interesting developments. The average home price in 2023 was $95,367, indicating a slight decrease from the 2022 peak. This trend continued into 2024, with average home prices further declining to $93,053. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of home prices, as higher borrowing costs typically dampen housing demand.
Looking ahead, based on recent trends and current market conditions, we can anticipate some potential developments in Turtle Creek's housing market over the next five years. Average home prices may stabilize or experience modest growth, considering the recent price corrections and higher interest rates. We might expect average home prices to reach around $105,000 to $110,000 by 2029. Average rent prices are likely to continue their upward trajectory, potentially reaching $750 to $800 per month by 2029, driven by the increasing renter population and overall housing costs.
In summary, Turtle Creek has experienced a shift towards a renter-majority community over the past decade, with declining homeownership rates despite significant increases in average home prices. The rental market has grown both in terms of occupancy and costs. Recent data suggests a potential cooling in the housing market, influenced by rising interest rates. These trends reflect broader changes in the local economy and demographics, highlighting the dynamic nature of Turtle Creek's housing landscape.
