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Rising Home Values and Ownership Trends in Mayfield, Pennsylvania: A Decade of Housing Market Shifts
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
Mayfield, located in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic changes. The homeownership rate in Mayfield has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 74%, which steadily increased to a peak of 87% in 2019. However, there was a slight decline in recent years, with the rate settling at 80% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $100,277, which remained relatively stable until 2017. From 2018 onwards, there was a significant increase, with the average home price reaching $156,187 in 2022, representing a 56% increase over this period.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. This likely contributed to the initial rise in homeownership. As interest rates began to increase from 2016 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, suggesting a correlation between higher interest rates and reduced homebuying activity.
The renter population in Mayfield has shown an inverse relationship to homeownership rates. In 2013, 26% of the population were renters, which decreased to a low of 13% in 2019 before rising slightly to 20% in 2022. Average rent prices have steadily increased over this period, from $656 in 2013 to $954 in 2022, representing a 45% increase. This rise in rent prices occurred despite fluctuations in the overall population, which ranged from 1,868 to 2,123 residents during this period.
In 2023 and 2024, the housing market in Mayfield continued its upward trajectory. The average home price reached $165,824 in 2023 and further increased to $174,372 in 2024, representing a 6% and 5% year-over-year growth, respectively. This growth occurred alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 4-5% annually, potentially reaching around $210,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially exceeding $1,100 per month by 2029.
In summary, Mayfield has experienced a general trend of increasing homeownership rates and rising home prices, particularly since 2018. The rental market has seen steady increases in average rent prices despite fluctuations in the renter population. Recent years have shown a slight reversal in homeownership trends, possibly influenced by rising interest rates and home prices. The housing market continues to show strong growth, with both home prices and rent prices expected to rise in the coming years.
