Strawberry Mansion, a historic Philadelphia neighborhood, has experienced significant changes in homeownership and housing market dynamics over the past decade. The area has seen a gradual increase in homeownership rates, rising from 40% in 2014 to 45% in 2022. This trend coincides with a substantial appreciation in average home prices, which grew from $30,333 in 2014 to $89,187 in 2022, representing a 194% increase over eight years. The remarkable price growth likely contributed to the increasing appeal of homeownership in the neighborhood, as residents recognized the potential for valuable property investments.

Federal interest rates have played a crucial role in shaping Strawberry Mansion's homeownership trends. From 2014 to 2020, historically low interest rates ranging from 0.09% to 0.38% facilitated more affordable mortgage financing, supporting the increase in homeownership. The sudden rise in interest rates to 1.68% in 2022 did not immediately impact the homeownership rate, which remained stable at 45%. Concurrently, renter occupancy in Strawberry Mansion decreased from 60% in 2014 to 55% in 2022, although average rent prices showed an upward trajectory, increasing from $731 in 2014 to $889 in 2022, a 21.6% rise.

The rental market tightened despite a fluctuating population, which decreased from 17,047 in 2014 to 16,340 in 2022. This combination of rising rents and a slightly declining population suggests improved neighborhood conditions or external market pressures influencing the local housing market. These trends highlight the evolving economic landscape of Strawberry Mansion and its growing attractiveness to both homeowners and investors.