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Average Home Values and Ownership in Zip Code 17832: Marion Heights's Shifting Real Estate Landscape
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
Marion Heights, located in zip code 17832 in Pennsylvania, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This small community, with a population of 665 in 2022, has seen significant changes in its real estate landscape, reflecting broader economic trends and local dynamics.
The homeownership rate in Marion Heights has shown a general decline since 2016. In 2016, the area boasted a high homeownership rate of 92%, which gradually decreased to 78% by 2022. This trend coincides with interesting movements in average home prices. The average home price in 2022 was $86,654, which then decreased to $79,690 in 2023 and further to $75,847 in 2024.
The relationship between federal interest rates and homeownership rates in Marion Heights aligns with well-established trends. From 2016 to 2020, when interest rates were relatively low (ranging from 0.4% to 2.16%), homeownership rates remained high, above 80%. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a corresponding drop in homeownership rates to 78% in 2022.
The rental market in Marion Heights has shown an inverse relationship to homeownership trends. The percentage of renters increased from 8% in 2016 to 22% in 2022. Average rent prices have experienced significant volatility. In 2016, the average rent was $42, which increased dramatically to $1,060 by 2020, before settling at $948 in 2022. This surge in rent prices coincides with the period of declining homeownership rates, suggesting a shift in the local housing market dynamics.
Looking at the most recent data, we see that in 2023 and 2024, average home prices in Marion Heights continued to decline, reaching $75,847 in 2024. This downward trend in home prices occurs alongside rising interest rates, with the federal interest rate reaching 5.33% in 2024. These factors combined may continue to impact homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Marion Heights may continue to decrease slightly or stabilize, assuming interest rates remain high. However, if interest rates begin to decrease, we might see a gradual increase in home prices. For rent prices, the trend suggests potential stabilization or modest increases, especially if the renter population continues to grow.
In summary, Marion Heights has experienced a shift from a predominantly owner-occupied community to one with an increasing renter population. This transition has been accompanied by fluctuating home prices and volatile rent prices. The interplay between interest rates, homeownership rates, and housing prices in this small Pennsylvania borough reflects the complex dynamics of local real estate markets and their sensitivity to broader economic factors.
