Central Lawrenceville, a neighborhood in Pittsburgh, Pennsylvania, has experienced significant changes in its housing market from 2013 to 2024. The area has seen a shift towards increased renting and rising average home and rent prices, reflecting its evolving demographics and unique character. From 2013 to 2022, Central Lawrenceville witnessed a decrease in homeownership rates, dropping from 48% to 39%. During this same period, average home prices saw a substantial increase, rising from $136,527 in 2013 to $315,674 in 2022, representing a 131% increase. This inverse relationship between homeownership rates and average home prices suggests that as property values appreciated, fewer residents could afford to purchase homes in the area.

The federal interest rates have played a role in shaping homeownership trends in Central Lawrenceville. In 2013, when interest rates were at a low 0.11%, homeownership stood at 48%. As interest rates gradually increased to 1.68% by 2022, homeownership declined to 39%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options, while higher rates can make purchasing a home less attainable for some buyers.

Concurrently, the percentage of renters in Central Lawrenceville increased from 52% in 2013 to 61% in 2022. This rise in renters coincided with a significant increase in average rent prices, which grew from $829 in 2013 to $1,131 in 2022, a 36.4% increase. The neighborhood's population remained relatively stable during this period, fluctuating between 4,615 in 2013 and 4,773 in 2022, suggesting that the rise in rental demand was not primarily driven by population growth but rather by changing housing preferences and affordability issues.