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Monroeville's Rising Home Values and Ownership: A Decade of Growth in Pittsburgh's Suburban Film Setting
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
Monroeville, a municipality in Pennsylvania, is a suburban community located about 15 miles east of Pittsburgh. Known for its strong retail presence, including the Monroeville Mall, the city has experienced interesting shifts in its housing market over the past decade. From 2013 to 2022, Monroeville saw a notable increase in homeownership rates, rising from 66% to 71%, while average home prices climbed steadily. Concurrently, average rent prices also showed an upward trend, albeit with some fluctuations.
The relationship between homeownership rates and average home prices in Monroeville reveals a positive correlation. As homeownership increased from 66% in 2013 to 71% in 2022, average home prices rose significantly from $130,457 to $208,537, representing a 59.9% increase. This trend suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or increased desirability of the area.
Federal interest rates appear to have played a role in Monroeville's homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 65-66%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased from 66% to 68%. This counter-intuitive trend might be explained by residents rushing to purchase homes before rates increased further.
Regarding rental trends, as the percentage of renters decreased from 33% in 2013 to 29% in 2022, average rent prices increased from $1,069 to $1,194, a 11.7% rise. This increase in rent prices, despite a decreasing renter population, could indicate a tightening rental market with higher-quality or more desirable rental properties becoming available.
Looking at the most recent data, the average home price in Monroeville for 2023 was $211,829, showing a slight increase from 2022. In 2024, the average home price has further risen to $218,745. These continued increases occur despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Monroeville to continue their upward trajectory, potentially reaching around $250,000 by 2029. This projection is based on the consistent growth observed over the past decade and the area's sustained attractiveness. For rent prices, we expect a more moderate increase, potentially reaching an average of $1,400 to $1,500 per month by 2029, reflecting the ongoing balance between homeownership and rental demand in the area.
In summary, Monroeville has demonstrated a robust housing market with increasing homeownership rates and rising property values over the past decade. The interplay between federal interest rates, homeownership, and property prices has shown some unique patterns, with homeownership increasing even as interest rates and home prices rose. The rental market, while shrinking in terms of percentage of occupants, has seen steady increases in average rent prices. These trends paint a picture of a desirable suburban community with a strong and growing housing market.
