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Crawford Roberts: Rising Home Values Amid Shifting Ownership Trends
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
Crawford Roberts, a neighborhood in Pittsburgh, Pennsylvania, has experienced significant changes in its real estate market and demographics over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local development patterns. The homeownership rate in Crawford Roberts has shown variability over the years. In 2013, the neighborhood had a 23% homeownership rate, which increased slightly to 25% in 2014. However, it dipped to 19% in 2016 before rising again to 28% in 2021, and settling at 27% in 2022. This fluctuation in homeownership rates correlates with the trends in average home prices. The average home price in the neighborhood has seen a consistent upward trend, rising from $110,835 in 2013 to $203,057 in 2022, representing an impressive 83% increase over this period.
The relationship between federal interest rates and homeownership rates in Crawford Roberts shows some correlation, although local factors also play a significant role. For instance, the period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with a decrease in homeownership from 23% to 19%. However, as interest rates began to rise more significantly from 2017 (1%) to 2022 (1.68%), homeownership rates in the neighborhood also increased, reaching 27% in 2022. This suggests that while lower interest rates generally encourage homeownership, other local economic and social factors are also influential in this neighborhood.
Renter percentages in Crawford Roberts have remained consistently high, ranging from 72% to 81% between 2013 and 2022. The average rent prices have shown considerable volatility during this period. In 2013, the average rent was $541, which increased to $932 by 2017, representing a substantial 72% increase in just four years. However, after 2019, there was a significant drop in average rent prices, falling to $557 in 2020 and further to $536 in 2021, before slightly increasing to $583 in 2022. This recent decline in rent prices could be attributed to various factors, including changes in the local economy or housing market dynamics.
Looking at the most recent data, the average home price in Crawford Roberts slightly decreased from $203,057 in 2022 to $202,243 in 2023, but is projected to rise to $206,787 in 2024. This represents a modest 2.2% increase from 2023 to 2024. Notably, federal interest rates have significantly increased from 1.68% in 2022 to 5.02% in 2023, and are expected to reach 5.33% in 2024. This sharp rise in interest rates could potentially impact future homeownership trends and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Crawford Roberts will continue to rise, albeit at a more moderate pace than seen in previous years. The recent increase in interest rates may slow down the rate of price appreciation. For rent prices, after the recent volatility, we expect a stabilization and gradual increase over the next five years, potentially returning to levels seen in the late 2010s.
In summary, Crawford Roberts has experienced significant changes in its housing market over the past decade. The neighborhood has seen a general trend towards increased homeownership, substantial growth in average home prices, and fluctuating rent prices. The coming years are likely to bring continued evolution in the local real estate market, influenced by broader economic factors and local development initiatives.
