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Bon Air: Rising Home Values and Stable Ownership in a Resilient Pittsburgh Neighborhood
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
Bon Air, a neighborhood in Pittsburgh, Pennsylvania, has experienced significant fluctuations in its population and housing market over the past decade. This charming area, known for its scenic views and close-knit community, has seen interesting trends in homeownership and property values.
The homeownership rate in Bon Air has remained relatively high, ranging from 76% to 91% between 2013 and 2022. This strong preference for homeownership has coincided with a steady increase in average home prices. In 2013, the average home price was $68,602, which rose to $149,340 by 2022, representing a substantial 118% increase over nine years. This upward trend in home values suggests a growing demand for properties in the neighborhood.
Federal interest rates have played a significant role in shaping homeownership trends in Bon Air. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained above 80%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight dip in homeownership to 77% in 2017, but it quickly rebounded to 86% in 2018. This resilience in homeownership, despite rising interest rates, indicates a strong desire among residents to own property in Bon Air.
The rental market in Bon Air has shown some volatility over the years. The percentage of renters fluctuated between 9% and 24% from 2013 to 2022. Average rent prices have also varied, with notable changes from year to year. In 2013, the average rent was $1,299, which decreased to $879 in 2017 before rising again to $1,157 in 2022. These fluctuations in rent prices and renter percentages suggest a dynamic rental market that may be influenced by factors such as local economic conditions and housing availability.
In 2023 and 2024, Bon Air's housing market showed some interesting developments. The average home price in 2023 was $137,094, a decrease from the 2022 figure. However, in 2024, prices rebounded slightly to $142,196. This recent trend coincides with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have influenced buying decisions and overall market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for Bon Air's housing market over the next five years. Average home prices may continue to show moderate growth, potentially reaching around $160,000 to $170,000 by 2029. Rent prices could also see a gradual increase, possibly reaching an average of $1,300 to $1,400 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Bon Air has maintained a strong homeownership culture despite fluctuations in the housing market. The neighborhood has seen significant appreciation in home values over the past decade, with some recent moderation. The rental market has been more volatile, reflecting changing local dynamics. As Bon Air continues to evolve, its housing market is likely to remain an important factor in the neighborhood's overall development and character.
