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Bellrock's Real Estate: Rising Home Values and Fluctuating Ownership in a Growing Malden Neighborhood
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
Bellrock, a neighborhood in Malden, Massachusetts, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, with a general trend towards increased renting. Average home prices have shown consistent growth, while average rent prices have also risen, albeit at a more moderate pace.
The relationship between homeownership rates and average home prices in Bellrock reveals some interesting patterns. In 2013, the homeownership rate was 44%, with an average home price of $208,217. As average home prices steadily increased, reaching $350,199 in 2018, the homeownership rate decreased to 36%. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. However, by 2022, there was a slight recovery in homeownership to 42%, despite the average home price climbing to $433,198.
Federal interest rates have played a role in shaping homeownership trends in Bellrock. From 2013 to 2016, when interest rates were historically low (between 0.09% and 0.40%), homeownership rates remained relatively stable, ranging from 37% to 44%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates dipped to 34% in 2019. Interestingly, despite a sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rebounded to 45% in 2020 before settling at 42% in 2022.
Renter percentages and average rent prices have shown a general upward trend. In 2013, 56% of Bellrock residents were renters, with an average rent of $1,496. By 2019, the renter percentage increased to 66%, coinciding with a slight decrease in average rent to $1,475. This could indicate an increased demand for rental properties, potentially driven by the rising home prices. The population growth from 6,093 in 2013 to 9,126 in 2022 may have contributed to the increased demand for rentals. In 2022, the renter percentage stood at 58%, with average rent reaching $1,608.
Looking at the most recent data, average home prices in Bellrock continued to rise, reaching $455,810 in 2023 and $485,902 in 2024. This represents a significant increase from previous years, indicating a strong housing market in the area. Notably, federal interest rates also increased substantially, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bellrock will continue to rise, potentially reaching around $600,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $1,800 per month within the next five years, assuming the current growth rate continues.
In summary, Bellrock has experienced a dynamic housing market characterized by rising home prices, fluctuating homeownership rates, and increasing rental demand. The neighborhood has shown resilience in maintaining a balance between owners and renters despite significant price increases. The interplay between federal interest rates, population growth, and housing affordability will likely continue to shape the housing landscape in Bellrock in the coming years.
