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Verona: Doubling Home Values Amid Fluctuating Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Verona, located in Pennsylvania, is a small community with a rich history and dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Verona has shown notable variations between 2013 and 2022. In 2013, the homeownership rate stood at 41%, gradually increasing to a peak of 50% in 2018. However, this trend reversed in subsequent years, with the rate declining to 40% by 2022. Concurrently, average home prices in the borough have demonstrated a consistent upward trajectory. In 2013, the average home price was $66,401, which more than doubled to $154,154 by 2022, representing a significant 132% increase over this period.
The relationship between federal interest rates and homeownership rates in Verona appears to follow established patterns. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with an increase in homeownership from 41% to 47%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% by 2022, the homeownership rate started to decline, dropping to 40% in 2022.
Renter percentages and average rent prices in Verona have also shown interesting trends. The renter-occupied percentage increased from 59% in 2013 to 60% in 2022. During this period, average rent prices fluctuated but generally trended upward. In 2013, the average rent was $727, which increased to $891 by 2022, representing a 22.6% rise. Notably, there was a significant jump in average rent from $833 in 2020 to $909 in 2021, possibly influenced by broader economic factors and changes in the local housing market.
In 2023 and 2024, Verona continued to see growth in average home prices. The average home price reached $157,851 in 2023 and further increased to $164,788 in 2024, representing a 4.4% year-over-year increase. This growth occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in Verona could potentially reach around $200,000 by 2029. Average rent prices, following their recent upward trend, might increase to approximately $1,000-$1,100 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Verona has experienced significant growth in its housing market over the past decade, with notable increases in both average home prices and rent prices. While homeownership rates have fluctuated, the overall trend suggests a shift towards a higher percentage of renters. The resilience of the housing market, even in the face of rising interest rates, indicates a strong local demand for housing in this Pennsylvania community.
