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Marion, NY: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Marion, located in New York, is a small community with a rich history and a changing demographic landscape. Over the past decade, the city has experienced shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Marion has shown a gradual decline from 2013 to 2022. In 2013, the city boasted an 88% homeownership rate, which decreased to 83% by 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $114,529, which rose steadily to reach $198,077 by 2022, representing a 73% increase over this period.
The relationship between federal interest rates and homeownership rates in Marion shows an interesting pattern. From 2013 to 2016, when interest rates were exceptionally low (between 0.11% and 0.40%), homeownership rates remained relatively stable, ranging from 85% to 88%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 83% by 2022. This suggests that while low interest rates may have supported homeownership to some extent, other factors were also influencing the local housing market.
The rental market in Marion has shown fluctuations in both rental rates and average rent prices. The percentage of renters increased from 12% in 2013 to 17% in 2022. Average rent prices have experienced some volatility, rising from $785 in 2013 to a peak of $837 in 2014, before declining to $754 in 2022. This trend suggests that while more residents are renting, the rental market has not seen consistent price increases, possibly due to local economic factors or changes in housing supply.
Looking at the most recent data, average home prices in Marion continued their upward trajectory, reaching $209,900 in 2023 and $219,638 in 2024. This represents a further 11% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Marion will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $250,000 to $270,000, assuming a moderate annual growth rate of 3-4%. Average rent prices may also see modest increases, potentially reaching $800-$850 per month by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Marion has experienced a gradual shift towards more renters over the past decade, coupled with substantial increases in average home prices. The interplay between rising home values, fluctuating rental rates, and changing interest rates has shaped the local housing market. As the community moves forward, these trends will likely continue to influence housing affordability and accessibility for both homeowners and renters in Marion.
