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Marlborough, NH: Rising Home Values Amidst Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Marlborough, located in New Hampshire, is a small community that has experienced significant demographic and housing market changes over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate landscape. From 2013 to 2022, Marlborough saw a notable shift in its homeownership rate. In 2013, the homeownership rate stood at 76%, but by 2022, it had decreased to 65%. This decline coincided with a substantial increase in average home prices. In 2013, the average home price was $165,636, and by 2022, it had risen to $286,483, representing a 73% increase over the period.
The relationship between federal interest rates and homeownership rates in Marlborough follows a generally expected pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, the homeownership rate experienced some fluctuations but remained relatively stable. However, as interest rates began to rise in 2021 and 2022, reaching 1.68% in 2022, the homeownership rate stabilized at 65%, suggesting that higher interest rates may have deterred some potential buyers.
The renter population in Marlborough has grown over the years, with the percentage of renters increasing from 24% in 2013 to 35% in 2022. This trend has been accompanied by changes in average rent prices. In 2013, the average rent was $1,011, and it reached $1,182 by 2022, an increase of about 17%. The rising renter population and increasing rent prices may be attributed to the growing overall population, which increased from 1,905 in 2013 to 2,253 in 2022.
In 2023 and 2024, Marlborough's housing market continued to show strong growth. The average home price in 2023 was $312,647, and in 2024 it further increased to $332,178. This represents a significant 16% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on the observed trends, we can project continued growth in both home prices and rent prices over the next five years. Average home prices could potentially reach around $400,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $1,400 per month. However, these projections could be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, Marlborough has experienced a decline in homeownership rates alongside significant increases in average home prices. The renter population has grown, accompanied by moderate increases in average rent prices. The recent sharp rise in federal interest rates may continue to impact homeownership trends and affordability in the coming years. The local real estate market shows strong appreciation, with home prices continuing to rise substantially through 2024.
