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East Mountain's Rising Home Values and Ownership Rates: A Decade of Growth in Scranton
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
East Mountain, a neighborhood in Scranton, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates and substantial growth in average home prices, reflecting broader economic trends and local market conditions. From 2013 to 2022, the percentage of owner-occupied homes in East Mountain rose from 68% to 78%. This increase in homeownership coincided with a considerable rise in average home prices. In 2013, the average home price was $116,320, which grew steadily to $183,971 by 2022, representing a 58% increase over nine years. This correlation suggests that despite rising prices, more residents were able to enter the housing market as homeowners. The relationship between federal interest rates and homeownership rates in East Mountain presents an intriguing dynamic. From 2013 to 2016, when interest rates remained extremely low (below 0.5%), homeownership rates increased from 68% to 70%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to climb, reaching 78%. This trend indicates that factors beyond interest rates, such as local economic conditions or housing market sentiment, may have played a significant role in driving homeownership in East Mountain.
The percentage of renters in East Mountain decreased from 32% in 2013 to 22% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $851, which increased to $1,233 by 2022, a 45% rise. This increase in rent prices, coupled with a decreasing renter population, might indicate a shift towards higher-quality rental properties or increased demand for the remaining rental units in the area.
More recent data shows that the average home price in East Mountain continued its upward trajectory, reaching $203,947 in 2023 and $226,325 in 2024. This represents a further 23% increase from 2022 to 2024. This price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Predictive models forecast that average home prices in East Mountain will continue rising, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes continued economic stability and demand for housing in the area. For rent prices, the forecast suggests a potential increase to approximately $1,500 per month by 2029, following the historical growth pattern and accounting for inflation and market dynamics.
East Mountain has demonstrated a robust housing market with increasing homeownership rates and rising property values. The neighborhood has shown resilience to rising interest rates, with home prices continuing to appreciate even in a higher interest rate environment. The rental market, while shrinking in terms of occupancy, has seen significant price increases, potentially indicating a shift towards higher-quality rental options. These trends suggest a growing desirability of East Mountain as a residential area, with a strong outlook for property values in the coming years.
