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Home Values and Ownership Trends in Manatawny/Farmington: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Manatawny/Farmington neighborhood in Pottstown, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the neighborhood's real estate market dynamics.
From 2013 to 2022, the Manatawny/Farmington neighborhood witnessed a notable shift in homeownership rates. In 2013, 74% of residents owned their homes, but by 2022, this figure had decreased to 64%. Concurrently, average home prices in the area showed an overall upward trend. In 2013, the average home price was $109,373, which increased to $197,850 by 2022, representing a substantial 81% growth over nine years.
The relationship between federal interest rates and homeownership rates in Manatawny/Farmington follows a well-established pattern. As interest rates remained relatively low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained stable, hovering around 70-74%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options, while higher rates can make purchasing a home less attainable for some buyers.
As homeownership rates declined, the percentage of renters in Manatawny/Farmington increased from 26% in 2013 to 36% in 2022. This shift coincided with fluctuations in average rent prices. In 2013, the average rent was $1,039, which peaked at $1,156 in 2019 before decreasing to $996 in 2022. The population of the neighborhood also fluctuated during this period, reaching a high of 5,983 in 2019 before settling at 5,694 in 2022. These population changes may have influenced the demand for rental properties and, consequently, rent prices.
Looking at more recent data, the average home price in Manatawny/Farmington continued its upward trajectory, reaching $210,810 in 2023 and $227,470 in 2024. This represents a further 15% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant rise, jumping from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically dampen home buying activity, the neighborhood's average home prices continued to climb, suggesting strong underlying demand or other market factors at play.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Manatawny/Farmington will continue to rise, albeit potentially at a slower rate due to the current high interest rate environment. We project average home prices could reach approximately $275,000 to $300,000 by 2029. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,100 to $1,200 per month by 2029, as the rental market adjusts to changing homeownership rates and housing affordability.
In summary, the Manatawny/Farmington neighborhood has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in average home prices. Despite rising interest rates, home values have continued to appreciate, indicating a robust local real estate market. The interplay between homeownership rates, housing prices, and rental market dynamics will likely continue to shape the neighborhood's housing landscape in the coming years.
