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Rising Home Values and Shifting Ownership in Miners' Mills, Wilkes-Barre
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
Miners' Mills, a neighborhood in Wilkes-Barre, Pennsylvania, has experienced significant shifts in its housing market over the past decade. The area has seen notable fluctuations in homeownership rates and substantial increases in housing prices, reflecting broader economic trends and local market conditions. This analysis examines these changes and their potential implications for the future of the neighborhood's housing landscape.
Homeownership rates in Miners' Mills have shown variability in recent years. In 2013, 63% of residents owned their homes. This rate increased to 70% by 2018 and remained stable through 2020, indicating a growing preference for homeownership. However, by 2022, the ownership rate decreased to 62%, suggesting a shift back towards renting. Concurrently, average home prices in the neighborhood have seen substantial growth. In 2013, the average home price was $75,850. By 2022, this figure had risen dramatically to $128,567, representing a 69.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Miners' Mills aligns with established economic trends. In 2013, when interest rates were at a low 0.11%, homeownership stood at 63%. As interest rates remained low through 2020 (0.38%), homeownership peaked at 70%. However, as rates began to rise in 2022 (1.68%), homeownership declined to 62%, illustrating how higher interest rates can discourage home purchases due to increased borrowing costs.
Renter percentages and average rent prices in Miners' Mills have also shown interesting trends. In 2013, 36% of residents were renters, with an average rent of $701. By 2022, the renter percentage increased slightly to 38%, while the average rent rose to $743, a 6% increase over nine years. This modest increase in rent prices, compared to the significant rise in home prices, may have contributed to the slight increase in renting.
In 2023 and 2024, the housing market in Miners' Mills continued to evolve. The average home price in 2023 was $131,699, showing a slight increase from 2022. In 2024, the average home price further rose to $145,019, marking a 10.1% increase from the previous year. Notably, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Miners' Mills may continue to rise over the next five years, potentially reaching around $170,000 by 2029 if current trends persist. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $800 per month in the same timeframe.
In summary, Miners' Mills has experienced a significant increase in average home prices over the past decade, with a recent surge in 2023 and 2024. Homeownership rates have fluctuated, influenced by changing interest rates and housing market conditions. The rental market has seen more modest growth in both prices and occupancy rates. These trends reflect a dynamic housing market in the neighborhood, with potential for continued growth in both home values and rental prices in the coming years.
