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Mount Union's Housing Market: A Decade of Change in Pennsylvania
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
Mount Union, located in Pennsylvania, is a small community that has experienced significant demographic changes over the past decade. The city has seen fluctuations in homeownership rates and rental prices, reflecting broader economic trends and local market conditions. From 2013 to 2022, Mount Union saw a slight decrease in homeownership rates, dropping from 56% to 50%. During this period, average home prices showed an upward trend. In 2022, the average home price was $107,083, indicating a relatively affordable housing market compared to many other areas in Pennsylvania. The relationship between federal interest rates and homeownership rates in Mount Union follows the general trend observed nationwide. As interest rates decreased from 5.02% in 2007 to near-zero levels in the early 2010s, homeownership rates remained relatively stable, hovering around 55%. However, as interest rates began to rise again in the late 2010s, reaching 1.68% in 2022, homeownership rates declined slightly to 50%.
Renter percentages in Mount Union increased from 44% in 2013 to 50% in 2022, correlating with a rise in average rent prices. In 2013, the average rent was $484, which steadily increased to $612 by 2022, representing a 26.4% increase over nine years. This trend suggests a growing demand for rental properties in the area, possibly due to changing demographics or economic factors affecting homeownership affordability.
In 2023 and 2024, Mount Union experienced a slight fluctuation in average home prices. The average home price in 2023 was $106,134, showing a minor decrease from the previous year. However, in 2024, the average home price rose to $109,996, indicating a recovery and continued growth in the housing market. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Mount Union are likely to continue their upward trajectory over the next five years, albeit at a moderate pace. Average rent prices are also expected to increase, driven by the growing renter population and overall market demand. However, the rate of increase may slow down as the market adjusts to economic conditions and housing supply changes.
In summary, Mount Union has experienced a shift towards a more balanced housing market, with an equal split between homeowners and renters as of 2022. The community has seen steady increases in both average home prices and rent rates, reflecting broader economic trends and local market dynamics. The recent rise in interest rates and the slight uptick in average home prices in 2024 suggest a resilient housing market that continues to evolve in response to changing economic conditions.
