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West Ward's Housing Market: Rising Home Values amid Stable Ownership in Easton, PA
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
West Ward, a neighborhood in Easton, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area, known for its diverse housing landscape, has seen notable shifts in homeownership rates and substantial increases in average home prices, reflecting broader economic trends and local market dynamics. From 2013 to 2022, West Ward's homeownership rates fluctuated within a narrow range. In 2013, 46% of residents owned their homes. This percentage dipped slightly to 43% in 2015 and 2016, before rising to 49% in 2018 and 2019. By 2022, the homeownership rate settled at 47%. During this same period, average home prices in the neighborhood demonstrated a remarkable upward trend. In 2013, the average home price was $68,755. This figure rose steadily, reaching $98,509 in 2018 and ultimately $164,126 by 2022, representing a substantial 138% increase over this period.
The interplay between federal interest rates and homeownership rates in West Ward reveals some correlation. In 2013, when interest rates were relatively low at 0.11%, the homeownership rate was 46%. As interest rates climbed to 1.83% in 2018, the homeownership rate increased to 49%, possibly due to anticipation of future rate hikes encouraging purchases. However, by 2022, with interest rates at 1.68%, the homeownership rate had slightly decreased to 47%, suggesting that factors beyond interest rates also influence homeownership decisions in this neighborhood.
Renter occupancy in West Ward has generally mirrored the inverse of homeownership trends. In 2013, 54% of residents were renters. This percentage peaked at 57% in 2015 and 2016 before declining to 51% in 2018 and 2019. As of 2022, 53% of residents were renters. Average rent prices have shown some volatility over this period. In 2013, the average rent was $979. It reached a high of $1,011 in 2015 before fluctuating and settling at $911 in 2022. This represents a 7% decrease in average rent from 2013 to 2022, despite the overall increase in housing prices.
In 2023, the average home price in West Ward rose to $176,471, with the federal interest rate at 5.02%. Moving into 2024, the average home price further increased to $189,439, while the federal interest rate slightly rose to 5.33%. These figures indicate a continuing upward trend in home values despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in West Ward may continue to rise over the next five years, potentially reaching around $230,000 by 2029 if current trends persist. However, rent prices might stabilize or see modest increases, possibly reaching an average of $1,000 to $1,100 per month in the same timeframe.
In summary, West Ward has experienced a significant appreciation in average home values over the past decade, with prices more than doubling from 2013 to 2022. Despite this, homeownership rates have remained relatively stable, hovering around 47-49% in recent years. Rent prices, interestingly, have shown less dramatic changes and even decreased slightly over the same period. These trends suggest a complex interplay between housing affordability, local economic conditions, and broader market forces shaping the neighborhood's housing landscape.
