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Average Home Values and Ownership in Millsboro: A Decade of Fluctuation
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
Millsboro, Pennsylvania, is a small community with a population of 260 as of 2022. This quaint town has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a recent increase in homeownership, with average home prices generally rising, while average rent prices have shown volatility.
The homeownership rate in Millsboro has seen a notable increase in recent years. In 2019, the homeownership rate was 71%, but by 2022, it had risen dramatically to 92%. This surge in homeownership coincided with a general upward trend in average home prices. In 2013, the average home price was $57,722, and it steadily increased to $93,957 by 2022, representing a 62.8% increase over nine years.
Federal interest rates have played a role in homeownership trends in Millsboro. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.14%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The homeownership rate rose from 95% in 2013 to 92% in 2022, despite a dip to 71% in 2019.
The rental market in Millsboro has shown interesting trends. The percentage of renters increased from 5% in 2013 to a peak of 29% in 2019, before declining to 8% in 2022. Average rent prices have been volatile, rising from $850 in 2013 to a high of $1,110 in 2016, then fluctuating before dropping to $1,013 in 2022. The population decline from 381 in 2013 to 260 in 2022 may have influenced these rental market dynamics.
In 2023 and 2024, Millsboro experienced a shift in the housing market. The average home price decreased to $82,480 in 2023 but rebounded to $87,918 in 2024. This occurred as federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Millsboro may continue to show moderate growth over the next five years, potentially reaching around $100,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $1,100 to $1,200 per month in the same timeframe.
In summary, Millsboro has experienced a recent surge in homeownership rates, coinciding with generally rising average home prices. The rental market has shown volatility, with significant fluctuations in both the percentage of renters and average rent prices. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends, with recent higher interest rates potentially influencing future market behavior.
