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 1,430, 574 total housing units (homes and apartments), and a median house value of $595,159, Mars house prices are not only among the most expensive in Pennsylvania, Mars real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Mars, accounting for 52.26% of the borough's housing units. Other types of housing that are prevalent in Mars include large apartment complexes or high rise apartments ( 30.33%), duplexes, homes converted to apartments or other small apartment buildings ( 16.80%).
People in Mars primarily live in small (one, two or no bedroom) single-family detached homes. Mars has a mixture of owner-occupied and renter-occupied housing.
The housing in Mars was primarily built before 1939 ( 43.55%), making the housing stock in Mars some of the oldest overall in America, although there is a range of ages of homes in Mars. The next most important housing age is between 1970-1999 ( 33.44%), followed by between 1940-1969 ( 19.60%). There's also some housing in Mars built between 2000 and later ( 3.42%).
Vacant housing appears to be an issue in Mars. Fully 10.73% of the housing stock is classified as vacant. Left unchecked, vacant Mars homes and apartments can be a drag on the real estate market, holding Mars 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.
Real estate appreciation rates in Mars's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.20% during the period.
Appreciation rates are so strong in Mars that despite a nationwide downturn in the housing market, Mars real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mars appreciation rates continue to be some of the highest in America, at 11.55%, which is higher than appreciation rates in 92.61% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mars. Mars appreciation rates in the latest quarter were at 1.11%, which equates to an annual appreciation rate of 4.51%.
Relative to Pennsylvania, our data show that Mars's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.
$595,159
for Pennsylvania
for nation
574
$1,401 / per month