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Yeagertown: Rising Home Values Amidst 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
Yeagertown, Pennsylvania, is a small community with a population of 2,173 as of 2022, nestled within an area of just 0.45 square miles. This compact settlement has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Yeagertown has remained relatively stable, hovering around 80% for much of the observed period. However, there have been some fluctuations, with the rate dropping to 74% in 2019 before rebounding to 82% in 2022. Average home prices have shown a consistent upward trend, particularly in recent years. In 2012, the average home price was $61,734, and by 2022, it had increased to $106,907, representing a significant 73% rise over a decade.
The relationship between federal interest rates and homeownership rates in Yeagertown appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2012 and 2016 (ranging from 0.09% to 0.40%), homeownership rates in Yeagertown remained high, consistently above 79%. However, as interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, dropping to 74% in 2019 when the federal interest rate reached 2.16%.
Renter percentages in Yeagertown have shown inverse trends to homeownership rates, as expected. The renter population peaked at 26% in 2019, coinciding with the lowest homeownership rate. Average rent prices have seen significant increases, particularly in recent years. From 2013 to 2018, average rent remained relatively stable, ranging from $391 to $395 per month. However, there was a dramatic jump in 2019, with average rent rising to $758, and further increasing to $830 by 2021. This substantial rise in rent prices could be attributed to various factors, including increased demand for rental properties and overall economic conditions.
In 2023 and 2024, Yeagertown has experienced continued growth in average home prices. The average home price reached $121,709 in 2023 and further increased to $135,333 in 2024. This represents a remarkable 26.6% increase over just two years from 2022. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007. Despite these higher interest rates, the housing market in Yeagertown appears to remain robust.
Looking ahead, based on the observed trends, we can project that average home prices in Yeagertown will continue to rise over the next five years, albeit potentially at a more moderate pace due to the higher interest rates. We might expect average home prices to reach around $160,000 to $170,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $900 to $1,000 per month within the same timeframe.
In summary, Yeagertown has demonstrated resilience in its housing market, with consistently high homeownership rates and steadily increasing property values. The recent sharp rises in both home prices and rent suggest a strong demand for housing in the area. However, the impact of rising interest rates on future homeownership rates and housing affordability will be crucial factors to watch in the coming years.
