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Home Values and Ownership Trends in Duquesne Heights: A Decade of Change with a View
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
Duquesne Heights, a neighborhood in Pittsburgh, Pennsylvania, offers a unique blend of urban living with scenic views overlooking the city. This hillside community has experienced notable shifts in homeownership and housing market dynamics over the past decade. The neighborhood has seen fluctuations in homeownership rates, with a general trend towards increased owner-occupancy from 2013 to 2018. In 2013, the homeownership rate stood at 58%, rising to a peak of 71% in 2015. This increase coincided with a steady rise in average home prices, which grew from $134,282 in 2013 to $196,270 in 2018, representing a 46% increase over five years.
The relationship between federal interest rates and homeownership rates in Duquesne Heights shows some correlation. As interest rates remained low from 2013 to 2016, hovering between 0.09% and 0.4%, homeownership rates increased from 58% to 64%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates in the neighborhood showed some volatility but remained relatively stable around 65-66% until 2019.
Rental trends in Duquesne Heights have shown interesting patterns. The percentage of renters decreased from 42% in 2013 to 29% in 2015, coinciding with an increase in average rent from $1,150 to $1,185. However, from 2015 to 2022, the renter population gradually increased to 42%, while average rent prices fluctuated. Notably, average rent peaked at $1,185 in 2015 and reached its lowest point at $970 in 2022, despite the increase in renter population. This suggests that other factors, such as overall housing supply or economic conditions, may have influenced rent prices more than demand from renters alone.
In 2023 and 2024, Duquesne Heights has experienced a slight decline in average home prices, from $256,753 in 2022 to $253,315 in 2023, followed by a modest increase to $256,384 in 2024. This recent trend occurs against the backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Duquesne Heights may continue to experience moderate growth over the next five years, potentially reaching around $280,000 by 2029. Average rent prices, which have shown volatility in recent years, are projected to stabilize and potentially increase slightly, possibly reaching $1,100 to $1,200 per month by 2029. These predictions assume relatively stable economic conditions and no major disruptions to the local housing market.
In summary, Duquesne Heights has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite fluctuations in interest rates and home prices. The neighborhood has seen significant appreciation in home values over the past decade, while rent prices have shown more variability. The interplay between homeownership rates, rental trends, and housing prices reflects the dynamic nature of this Pittsburgh neighborhood's real estate market, influenced by both local factors and broader economic conditions.
