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Bull's Head, Scranton: Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bull's Head, a neighborhood in Scranton, Pennsylvania, has experienced significant changes in its housing market over the past decade. Homeownership rates have fluctuated between 48% and 57%, while average home prices have shown a general upward trend. Concurrently, average rent prices have steadily increased, reflecting the evolving dynamics of the local real estate market.
The relationship between homeownership rates and average home prices in Bull's Head reveals interesting patterns. In 2013, with a 55% ownership rate, the average home price was $71,776. Despite a decline in average home prices to $55,736 in 2017, homeownership remained stable at 53%. By 2022, as average home prices surged to $107,841, homeownership rates held steady at 50%, suggesting that rising home prices have not necessarily deterred homeownership in the neighborhood.
Federal interest rates have influenced homeownership trends in Bull's Head. During periods of low interest rates (below 0.5%) from 2013 to 2016, homeownership rates remained relatively stable at 53-55%. Interestingly, as interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership actually increased to 57% in 2018, possibly due to buyers rushing to purchase homes before rates climbed further.
Renter percentages and average rent prices in Bull's Head have shown a correlation over time. In 2013, with 45% of residents renting, the average rent was $720. By 2019, as the renter percentage increased to 52%, average rent rose to $834. This trend continued, with 2022 seeing a 50% renter occupancy and average rent reaching $1,018. The upward trend in both renter percentages and rent prices suggests increasing demand for rental properties in the area.
Recent data shows that average home prices in Bull's Head have continued to rise, reaching $110,715 in 2023 and $122,508 in 2024. This significant increase from previous years indicates a strong housing market in the neighborhood. Concurrently, federal interest rates have also increased substantially, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, average home prices in Bull's Head are anticipated to continue their upward trajectory, potentially reaching around $150,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Bull's Head has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite fluctuations in home prices and interest rates. The neighborhood has seen a significant increase in both average home prices and rent values, indicating growing demand for housing in the area. As the market continues to evolve, Bull's Head is positioned for continued growth in its residential real estate sector.
