Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,764, 3,236 total housing units (homes and apartments), and a median house value of $100,043, house prices in Monessen are some of the most affordable in Pennsylvania as well as the nation.
Single-family detached homes are the single most common housing type in Monessen, accounting for 81.54% of the city's housing units. Other types of housing that are prevalent in Monessen include large apartment complexes or high rise apartments ( 11.58%), duplexes, homes converted to apartments or other small apartment buildings ( 6.61%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Monessen. Owner-occupied housing accounts for 74.88% of Monessen's homes, and 49.44% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Monessen's housing was primarily built during this period, from the '40s through the '60s. A full 62.41% of the city's housing hails from this era. Other housing ages represented in Monessen include homes built before 1939 ( 24.92%) and housing constructed between 1970-1999 ( 11.80%).
Vacant housing appears to be an issue in Monessen. Fully 22.23% of the housing stock is classified as vacant. Left unchecked, vacant Monessen homes and apartments can be a drag on the real estate market, holding Monessen real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Monessen, where house values have increased just 33.57%, which is annualized rate of 2.94%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Monessen appreciation rates have trailed the rest of the nation. In the last twelve months, Monessen's appreciation rate has been -3.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Monessen were at 1.11%, which equates to an annual appreciation rate of 4.51%.
Relative to Pennsylvania, our data show that Monessen's latest annual appreciation rate is lower than 90% of the other cities and towns in Pennsylvania.
$100,043
for Pennsylvania
for nation
3,236
$1,534 / per month