Loading Content...
Lower Moyamensing: Rising Home Values and Stable Ownership in a Philadelphia Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lower Moyamensing, a vibrant neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area, known for its diverse community and proximity to South Philadelphia's amenities, has seen fluctuations in homeownership rates, average home prices, and average rent prices. The neighborhood has maintained a relatively stable homeownership rate, hovering around 65-68%, while average home prices have shown a general upward trend, and average rent prices have experienced moderate increases.
The relationship between homeownership rates and average home prices in Lower Moyamensing reveals interesting patterns. In 2013, when the homeownership rate was 64%, the average home price was $122,948. As homeownership increased to 68% in 2014, average home prices also rose to $128,309. This trend continued through 2017, with homeownership remaining at 68% and average home prices reaching $175,642. However, by 2019, despite a slight decrease in homeownership to 64%, average home prices continued to climb, reaching $208,154. This suggests that while there is some correlation between homeownership rates and home prices, other factors also influence the housing market in this neighborhood.
Federal interest rates have played a role in shaping homeownership trends in Lower Moyamensing. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the neighborhood increased from 64% to 68%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, homeownership rates in Lower Moyamensing remained relatively stable, suggesting that other local factors may have helped maintain homeownership levels despite increasing borrowing costs.
Renter percentages and average rent prices in Lower Moyamensing have shown some correlation over the years. In 2013, with 36% of residents renting, the average rent was $1,123. As the renter percentage decreased to 32% in 2014, average rent increased to $1,194, possibly indicating increased competition for rental properties. The renter percentage fluctuated between 32% and 36% from 2014 to 2022, with average rent prices generally increasing during this period. By 2022, the renter percentage stood at 35% with an average rent of $1,175, showing a slight decrease from the peak of $1,362 in 2021. These changes may be influenced by the neighborhood's growing population, which increased from 14,606 in 2010 to 16,707 in 2022, potentially affecting housing demand and prices.
Looking at the most recent data, average home prices in Lower Moyamensing reached $225,618 in 2023 and increased to $229,032 in 2024. This represents a modest growth of about 1.5% year-over-year. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, which typically discourage home buying, the neighborhood's housing market has shown resilience with continued price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lower Moyamensing will continue to increase moderately, potentially reaching around $250,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, we expect a continued upward trend, possibly reaching approximately $1,400 per month by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, Lower Moyamensing has demonstrated a robust housing market characterized by relatively stable homeownership rates and steadily increasing average home prices. The neighborhood has shown resilience in the face of changing interest rates and economic conditions. The rental market has also remained strong, with moderate increases in average rent prices over time. These trends suggest that Lower Moyamensing continues to be an attractive area for both homeowners and renters, with a balanced mix of housing options that cater to diverse needs and preferences.
