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Marion Center, Pennsylvania: Rising Home Values Amidst Declining Ownership
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
Marion Center, located in Pennsylvania, is a small community that has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Marion Center has shown a gradual decline from 2013 to 2022. In 2013, 87% of housing units were owner-occupied, but this figure decreased to 72% by 2022. This downward trend coincides with an increase in average home prices. The average home price rose from $135,076 in 2020 to $153,700 in 2022, representing a 13.8% increase over two years.
The relationship between federal interest rates and homeownership rates in Marion Center follows a general trend observed in many housing markets. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 82-87%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, dropping to 72% by 2022.
The renter population in Marion Center has grown steadily over the years, with the percentage of renter-occupied housing units increasing from 13% in 2013 to 28% in 2022. This trend has been accompanied by a rise in average rent prices. The average monthly rent increased from $523 in 2013 to $695 in 2022, representing a 32.9% increase over nine years. The population of Marion Center has fluctuated during this period, with 1,541 residents recorded in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, Marion Center has continued to see growth in its housing market. The average home price reached $160,638 in 2023 and further increased to $165,673 in 2024, representing a 7.8% rise from 2022 to 2024. This upward trend in home prices has occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Marion Center are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand in the area.
In summary, Marion Center has experienced a shift towards a higher proportion of renters, accompanied by rising average rent prices. Simultaneously, while homeownership rates have declined, average home prices have shown consistent growth. These trends reflect the complex interplay between local market conditions, broader economic factors, and changing demographics in this Pennsylvania community.
