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Weissport's Housing Market: Rising Home Values Amidst Population Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Weissport, a small community in Pennsylvania, has experienced notable fluctuations in its housing market over the past decade. This quaint borough, spanning just 0.14 square miles, has seen significant shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Weissport has shown a general upward trend since 2013. In 2013, the homeownership rate was 57%, which increased to 66% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $78,041, and by 2022, it had risen to $146,464, representing an impressive 87.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Weissport appears to follow the expected pattern. As interest rates remained low between 2013 and 2020, ranging from 0.08% to 0.40%, homeownership rates increased from 57% to 65%. This trend aligns with the general principle that lower interest rates make homeownership more accessible due to reduced borrowing costs.
Renter percentages in Weissport have shown an inverse relationship to homeownership rates, decreasing from 43% in 2013 to 34% in 2022. Despite this decline in the proportion of renters, average rent prices have steadily increased. In 2013, the average rent was $692, rising to $866 by 2022, a 25.1% increase. This upward trend in rent prices occurred even as the population fluctuated, ranging from a low of 99 residents in 2015 and 2021 to a high of 140 in 2018.
Looking at the most recent data, the average home price in Weissport reached $156,853 in 2023 and further increased to $163,064 in 2024. This represents a 7.2% increase from 2022 to 2023 and a 4% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Weissport will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $190,000 to $200,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 per month by 2029, based on historical trends and accounting for inflation.
In summary, Weissport has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the proportion of renters. Despite this shift, average rent prices have continued to rise. The recent sharp increase in interest rates may impact future homeownership trends and price growth, but the overall trajectory for both home prices and rents remains upward. These trends reflect the evolving dynamics of this small Pennsylvania borough's housing market and its responsiveness to broader economic factors.
