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Westmont, Altoona: Rising Home Values Amidst Shifting Ownership Trends
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
Westmont, a neighborhood in Altoona, Pennsylvania, has experienced significant changes in its housing market from 2013 to 2022. The area has seen a notable shift from homeownership to renting, coupled with substantial increases in both home and rental prices. This analysis examines these trends and their implications for the neighborhood's real estate landscape. Homeownership rates in Westmont have steadily declined over the past decade. In 2013, 64% of residents owned their homes, but by 2022, this figure had dropped to 55%. Conversely, the percentage of renters increased from 36% in 2013 to 45% in 2022. This shift towards renting coincides with a significant increase in average home prices. The average home price in Westmont rose from $62,425 in 2015 to $96,125 in 2022, representing a 54% increase over seven years.
The relationship between federal interest rates and homeownership rates in Westmont appears to follow established trends. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 64-67%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, dropping to 61% by 2019. This trend continued into 2022, with homeownership falling to 55% as interest rates climbed to 1.68%.
Regarding rental trends, the average rent price in Westmont has shown a consistent upward trajectory. In 2013, the average rent was $622, which increased to $745 by 2022, representing a 19.8% rise over nine years. This increase in average rent prices coincides with the growing percentage of renters in the neighborhood. The population of Westmont fluctuated during this period, peaking at 4,806 in 2018 before declining to 3,782 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Westmont's real estate market continued to evolve. The average home price in 2023 was $99,659, showing a slight increase from 2022. In 2024, the average home price further rose to $101,024. These figures indicate a continuing upward trend in home values. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Looking ahead, predictive models suggest that average home prices in Westmont may continue to rise over the next five years, potentially reaching around $110,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Westmont has experienced a clear shift from homeownership to renting over the past decade, accompanied by significant increases in both average home prices and average rent prices. The neighborhood's real estate market has shown resilience and growth, with home values continuing to appreciate even in the face of rising interest rates. As Westmont moves forward, these trends suggest a dynamic and evolving housing market that balances the needs of both homeowners and renters.
