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Manns Choice, PA: Fluctuating Home Values and Ownership in a Small Borough
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
Manns Choice, located in Pennsylvania, is a small community that has experienced fluctuating demographics and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in the area. Homeownership rates in Manns Choice have shown a general upward trend from 2013 to 2019, with a slight dip in recent years. In 2013, the homeownership rate was 78%, which increased to a peak of 83% in 2019. However, by 2022, it had decreased to 75%. Average home price data for most of this period is not available, making it challenging to draw direct correlations between homeownership rates and home prices. However, in 2022, when the average home price was $192,087, the homeownership rate was 75%.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.09% to 0.4%. During this period, homeownership in Manns Choice increased from 78% to 76%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership surprisingly continued to increase, reaching 83% in 2019. This suggests that other local factors may have had a stronger influence on homeownership than interest rates during this period.
Renter percentages in Manns Choice have generally mirrored the inverse of homeownership rates. The percentage of renters decreased from 22% in 2013 to 17% in 2019, before increasing to 25% in 2022. Average rent prices have shown a steady increase over this period. In 2013, the average rent was $580, which rose to $714 in 2019, and further increased to $888 in 2022. This represents a 53% increase in average rent over nine years. The population of Manns Choice has fluctuated during this time, from 1,115 in 2013 to 1,312 in 2022, which may have influenced demand for rental properties and subsequently affected rent prices.
In 2023, the average home price in Manns Choice was $190,728, showing a slight decrease from the previous year. However, in 2024, the average home price has risen slightly to $191,291. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the available data and current trends, we can project that average home prices in Manns Choice may continue to experience modest growth over the next five years. If the current trajectory holds, average home prices could potentially reach around $200,000 by 2029. Average rent prices have shown a more consistent upward trend, and if this continues, they could potentially exceed $1,000 per month within the next five years.
In summary, Manns Choice has experienced fluctuating homeownership rates, with a recent trend towards increased renting. Average rent prices have shown steady growth, while home prices have remained relatively stable in recent years. The interplay between federal interest rates, local economic factors, and population changes will likely continue to shape the housing market in this Pennsylvania borough in the coming years.
