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Home Values and Ownership in Mosher: A Decade of Change in Baltimore
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
Mosher, a neighborhood in Baltimore, Maryland, has experienced significant fluctuations in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Mosher has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 55%, but by 2022, it had decreased to 35%. This downward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $18,122, which rose dramatically to $50,577 by 2022, representing a 179% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Mosher remained relatively stable, ranging from 41% to 46%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Mosher saw a more pronounced decline, dropping from 36% in 2017 to 35% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Mosher has shown an overall increase, mirroring the decline in homeownership. The percentage of renters rose from 45% in 2013 to 65% in 2022. Interestingly, average rent prices have also increased during this period, though not as dramatically as home prices. In 2013, the average rent was $730, which increased to $957 by 2022, a 31% rise. This increase in both renter population and rent prices could be attributed to growing demand for rental properties as homeownership became less accessible.
Looking at the most recent data, the average home price in Mosher slightly decreased from $50,577 in 2022 to $50,550 in 2023, before rising again to $51,704 in 2024. This represents a 2.2% increase from 2022 to 2024. Concurrently, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may further impact homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Mosher to continue their upward trajectory, albeit at a potentially slower rate. Given the historical data and current economic conditions, average home prices could reach approximately $60,000 to $65,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,100 to $1,200 per month in the same timeframe.
In summary, Mosher has experienced a significant shift from homeownership to renting over the past decade, driven by rapidly increasing home prices and fluctuating interest rates. The neighborhood has seen substantial appreciation in property values, with average home prices more than doubling since 2013. While this trend has benefited property owners, it has also made homeownership increasingly challenging for many residents, leading to a growing renter population. As the housing market continues to evolve, Mosher is likely to see further increases in both home prices and rents, potentially reshaping the demographic makeup of the neighborhood in the coming years.
