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Duquesne's Housing Market: Average Home Values Soar Amid Ownership Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Duquesne, Pennsylvania, a small city southeast of Pittsburgh, has experienced significant changes in its housing market over the past decade. This riverside community has seen substantial increases in average home prices alongside fluctuating homeownership rates, reflecting broader economic trends and local demographic shifts. The city's housing landscape has been shaped by various factors, including federal interest rates, population changes, and economic conditions.
The homeownership rate in Duquesne has shown notable variability. In 2013, the ownership rate stood at 44%, declining to 39% by 2019. However, it rebounded to 47% in 2021, before slightly decreasing to 45% in 2022. This fluctuation in homeownership rates occurred concurrently with a significant upward trend in average home prices. From 2013 to 2022, the average home price in Duquesne rose from $21,697 to $59,143, marking a substantial increase of 172.6% over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in Duquesne. Between 2013 and 2016, historically low interest rates ranging from 0.09% to 0.4% coincided with relatively stable homeownership rates of 41-44%. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% by 2019, homeownership rates in Duquesne declined to 39%. However, when interest rates sharply dropped to 0.08% in 2021, homeownership surged to 47%, suggesting a correlation between lower interest rates and increased home buying activity in the city.
The rental market in Duquesne has also undergone changes. The percentage of renters increased from 56% in 2013 to a peak of 61% in 2019, before declining to 55% in 2022. Average rent prices have fluctuated, rising from $714 in 2013 to a high of $742 in 2014 and 2021, but then decreasing to $640 in 2022. These fluctuations in rent prices and renter percentages may be influenced by the city's declining population, which decreased from 5,581 in 2013 to 5,241 in 2022.
Recent data shows that the average home price in Duquesne was $51,205 in 2023 and increased to $54,671 in 2024, representing a 6.8% increase in just one year. Simultaneously, federal interest rates rose to 5.02% in 2023 and further to 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Duquesne will continue to rise, albeit at a more moderate pace. The sharp increase observed between 2020 and 2022 is likely to level off, with annual growth rates potentially settling in the 3-5% range. Average rent prices are expected to stabilize and potentially increase slightly, tracking with inflation and any improvements in local economic conditions.
In conclusion, Duquesne has experienced significant changes in its housing market over the past decade. The city has seen a substantial increase in average home prices, fluctuating homeownership rates, and a rental market that has responded to population changes and economic factors. The recent uptick in both home prices and interest rates suggests a dynamic period ahead for Duquesne's housing market, with potential opportunities and challenges for both homeowners and renters in this evolving urban landscape.
