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Iron Triangle's Housing Market: Soaring Home Values Amidst Ownership Fluctuations
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 Iron Triangle neighborhood in Wilkes-Barre, Pennsylvania, has experienced significant changes in its housing market over the past decade. This urban area has seen fluctuations in population density and shifting housing trends, resulting in a dynamic real estate landscape. The neighborhood has particularly witnessed substantial growth in average home prices, especially since 2018, despite variations in homeownership rates. Homeownership rates in the Iron Triangle have shown moderate fluctuations since 2013. The percentage of owner-occupied homes increased from 19% in 2013 to a peak of 33% in 2016 and 2017, before declining to 25% in 2022. This trend coincides with changes in average home prices, which have seen substantial growth in recent years. From 2018 to 2022, average home prices in the neighborhood rose from $53,453 to $94,043, representing a remarkable 75.9% increase over four years.
The relationship between federal interest rates and homeownership rates in the Iron Triangle appears to follow general economic trends. As interest rates remained low between 2013 and 2017, homeownership rates increased from 19% to 33%. However, as interest rates began to rise from 2018 onwards, homeownership rates showed a slight decline, settling at 25% by 2022. This pattern suggests that lower interest rates may have encouraged home buying in the neighborhood, while rising rates potentially deterred some potential buyers.
Renter percentages in the Iron Triangle have remained consistently high, ranging from 67% to 81% between 2013 and 2022. The average rent prices have shown some volatility during this period. In 2013, the average rent was $651, which increased to $690 in 2016. However, there was a notable decrease to $549 in 2020, followed by a significant jump to $836 in 2021, before dropping again to $558 in 2022. These fluctuations in rent prices may be influenced by changes in population density, which varied from 12,770 people per square mile in 2014 to 17,652 in 2019, before settling at 14,891 in 2022.
In 2023 and 2024, the Iron Triangle neighborhood continued to see growth in average home prices. The average home price reached $101,561 in 2023 and further increased to $109,227 in 2024, representing a 7.5% year-over-year increase. This growth occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong demand for housing in the area.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $130,000 by 2029. Rent prices, while more volatile, are also projected to increase, possibly surpassing $900 per month on average within the same timeframe.
In summary, the Iron Triangle neighborhood has experienced significant changes in its housing market over the past decade. The area has seen substantial growth in average home prices, particularly since 2018, despite fluctuations in homeownership rates. Renter percentages have remained high, with average rent prices showing volatility. The neighborhood's resilience in the face of rising interest rates and its continued growth in home values suggest a strong local real estate market with potential for further appreciation in both home prices and rents in the coming years.
