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Green Ridge, Scranton: Rising Home Values and Shifting Ownership Trends
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
Green Ridge, a vibrant neighborhood in Scranton, Pennsylvania, has experienced significant changes in homeownership and housing prices over the past decade. This analysis examines the trends in home values, ownership rates, and rental market dynamics from 2013 to 2024. The homeownership rate in Green Ridge has declined from 56% in 2013 to 49% in 2022. Concurrently, average home prices have increased by 52%, rising from $110,749 in 2013 to $168,418 in 2022. This trend highlights the growing challenges of homeownership in the area. Federal interest rates have played a crucial role in shaping homeownership patterns. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership rates remained stable between 55% and 59%. However, as interest rates rose to 1.68% by 2022, homeownership rates declined to 49%, demonstrating an inverse relationship between interest rates and homeownership.
The rental market in Green Ridge has experienced growth corresponding to the decline in homeownership. The percentage of renters increased from 44% in 2013 to 51% in 2022. Average rent prices also rose by 16%, from $831 in 2013 to $964 in 2022. This shift reflects both the increasing cost of homeownership and changing housing preferences. As of 2024, the average home price in Green Ridge has reached $185,190, a 10% increase from 2022. The federal interest rate has risen significantly to 5.33%, potentially further impacting homeownership trends. These factors continue to shape the neighborhood's real estate landscape. Projections suggest that home prices in Green Ridge will likely continue to rise over the next five years, though possibly at a slower rate due to higher interest rates. Rent prices are also expected to increase, driven by growing demand for rental properties and overall real estate appreciation in the area. In conclusion, Green Ridge has transitioned towards a more renter-dominated market over the past decade, characterized by declining homeownership rates and rising home prices. The interplay between federal interest rates, housing affordability, and demographic shifts has been instrumental in shaping these trends. As Green Ridge continues to evolve, ongoing monitoring of these factors will be crucial to understanding future developments in the local real estate market and community dynamics.
