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Rising Home Values and Declining Ownership: Moosic's Shifting Housing Landscape
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
Moosic, located in Pennsylvania, is a small but growing community that has experienced notable changes in homeownership rates and housing costs over the past decade. The city has seen a gradual shift from predominantly owner-occupied housing to an increasing proportion of renters, accompanied by fluctuations in average home prices and rent costs.
From 2013 to 2022, Moosic witnessed a significant decrease in homeownership rates. In 2013, 78% of housing units were owner-occupied, but by 2022, this figure had dropped to 65%. This 13 percentage point decline occurred alongside changes in average home prices. The average home price in Moosic was $135,726 in 2013, and it rose to $189,622 by 2022, representing a 39.7% increase over this period.
The trend in homeownership rates appears to have an inverse relationship with federal interest rates. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates in Moosic remained relatively stable, hovering around 80%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates steadily declined. This pattern suggests that rising interest rates may have contributed to the decreased affordability of homeownership in the area.
Conversely, the percentage of renter-occupied housing units in Moosic increased from 22% in 2013 to 35% in 2022. This 13 percentage point increase in renter occupancy coincided with fluctuations in average rent prices. In 2013, the average rent was $854, which peaked at $938 in 2014 before experiencing a general downward trend, reaching $761 by 2022. This represents a 10.9% decrease in average rent from 2013 to 2022, despite the growing proportion of renters. The increase in renter occupancy, coupled with decreasing rent prices, could be attributed to factors such as new rental property developments or changes in local economic conditions.
Looking at more recent data, the average home price in Moosic continued to rise, reaching $202,791 in 2023 and $210,714 in 2024. This represents a 11.1% increase from 2022 to 2024. Notably, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Moosic will continue to rise, potentially reaching around $240,000 by 2029. This projection is based on the consistent upward trend observed in recent years. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $850 by 2029, assuming the local rental market adjusts to the growing renter population and overall housing demand.
In summary, Moosic has experienced a notable shift from homeownership to renting over the past decade, with homeownership rates declining by 13 percentage points. Average home prices have shown substantial growth, increasing by nearly 40% from 2013 to 2022, and continuing to rise through 2024. Average rent prices, however, have fluctuated and ultimately decreased over the same period. The interplay between federal interest rates, housing affordability, and occupancy trends highlights the dynamic nature of Moosic's housing market. As the community continues to evolve, these trends will likely shape the future landscape of housing in the area.
