Metropolitan Statistical Area (MSA):
Middlesborough, KY is a Metropolitan Statistical Area (MSA) comprising counties including Bell County.
The Middlesborough, KY metropolitan statistical area (MSA) is located in the heart of Appalachia and is known for its coal mining history. The MSA includes Pike, Letcher, and Knott Counties. The population of the MSA was 63,432 at the 2010 census.
The housing market in the Middlesborough MSA has been struggling since the 2008 recession. The unemployment rate in Pike County was 11.4% in 2015, which is more than double the national average of 5%. This high unemployment rate has led to a decrease in demand for housing, which has resulted in a decrease in home prices. According to Zillow, the median home value in Pike County was $63,100 in September 2017, which is down from $79,900 in September 2008.
The decrease in home values has made it difficult for many homeowners to sell their homes and has led to an increase in foreclosures. In 2015, there were 1,042 foreclosure filings in Pike County, which is an increase of nearly 60% from 2014. Letcher County also saw an increase in foreclosures from 2014 to 2015, with 442 filings compared to just 275 filings the previous year.
Despite these challenges, there are some signs that the housing market in the Middlesborough MSA is beginning to rebound. The unemployment rate dropped slightly to 10%in 2016 and continues to slowly decline. Additionally, home values have begun to rise again after bottoming out in 2016. According to Zillow data, the median home value rose 2%from 2016 to 2017 and is projectedto continue rising throughout 2018. These trends indicate that while the housing market still faces some challenges ahead