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Windber: Rising Home Values and Ownership Rates Amid Market Fluctuations
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
Windber, located in Pennsylvania, is a small community with a rich history and a population of 3,930 as of 2022. This charming town has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local dynamics. The homeownership rate in Windber has shown a notable increase in recent years, rising from 61% in 2019 to 73% in 2022. This significant jump of 12 percentage points indicates a strong trend towards homeownership in the community. Concurrently, the average home prices have also seen an upward trajectory, climbing from $84,281 in 2019 to $113,297 in 2022, representing a substantial 34.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Windber appears to follow the generally expected pattern. As interest rates remained low from 2019 to 2021, ranging from 2.16% to 0.08%, the homeownership rate increased from 61% to 69%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable. However, it's interesting to note that despite the interest rate rise to 1.68% in 2022, homeownership continued to increase to 73%, suggesting other local factors may be influencing this trend.
Conversely, the percentage of renters in Windber has decreased from 39% in 2019 to 27% in 2022. During this period, the average rent prices fluctuated, starting at $588 in 2019, dropping to $555 in 2021, and then rising again to $593 in 2022. This represents a modest overall increase of 0.85% in average rent prices from 2019 to 2022, despite the significant decrease in the renter population.
Looking at the most recent data, the average home price in Windber slightly decreased to $113,160 in 2023 and further declined to $108,188 in 2024. This represents a 4.4% decrease from 2022 to 2024. Simultaneously, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Windber may experience moderate growth, potentially reaching around $120,000 by 2029. This prediction takes into account the recent price adjustments and the potential impact of higher interest rates. For average rent prices, we expect a gradual increase, potentially reaching approximately $650 by 2029, assuming the current trends in population and housing demand continue.
In summary, Windber has witnessed a significant shift towards homeownership in recent years, accompanied by substantial increases in average home prices. The rental market has seen a decrease in the proportion of renters, with only modest changes in average rent prices. The recent cooling in home prices and rise in interest rates may influence future housing trends in the area, potentially moderating the rapid growth seen in previous years.
