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Rising Home Values and Stable Ownership in Coastal Revere, Massachusetts
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
Revere, Massachusetts, a coastal city located just north of Boston, has experienced significant demographic and housing market changes over the past decade. Known for its beautiful beaches and historic sites, Revere has seen a steady increase in population and housing prices, reflecting its growing appeal as a residential area.
The homeownership rate in Revere has remained relatively stable, fluctuating between 48% and 51% from 2013 to 2022. Despite this stability, average home prices have shown a dramatic upward trend. In 2010, the average home price was $225,396, which steadily increased to $546,654 by 2022, representing a substantial 142.5% increase over 12 years. This significant rise in home values has not led to a corresponding decrease in homeownership rates, suggesting a resilient demand for homeownership in the area.
Federal interest rates have played a role in homeownership trends in Revere. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 49-50%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight increase in homeownership to 51%. This counterintuitive trend might be attributed to other local factors, such as job market strength or the city's increasing desirability.
Renter percentages in Revere have mirrored homeownership rates, fluctuating between 49% and 52% from 2013 to 2022. Average rent prices have shown a general upward trend, albeit less dramatic than home prices. In 2013, the average rent was $1,336, which increased to $1,493 by 2022, representing an 11.8% increase. The population growth from 52,476 in 2013 to 60,577 in 2022 likely contributed to the increased demand for rental properties, supporting the rise in rent prices.
In 2023, the average home price in Revere reached $560,192, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $588,105, while interest rates have risen slightly to 5.33%. These figures indicate a continuing trend of rising home values in Revere, even in the face of higher interest rates.
Looking ahead, predictive models suggest that the upward trend in both home prices and rent is likely to continue over the next five years. Based on historical data, average home prices could potentially reach the $700,000 mark by 2029. Rent prices are expected to follow a similar trajectory, potentially surpassing $1,800 per month within the same timeframe.
In summary, Revere has demonstrated a robust housing market with steadily increasing home values and rent prices. The city has maintained a balanced ratio of homeowners to renters despite significant increases in property values. The continued population growth and the city's desirability as a coastal suburb of Boston are likely to sustain these trends in the coming years, making Revere an increasingly valuable real estate market.
