Loading Content...
Jeannette, Pennsylvania: Home Values and Ownership in a Former Glassmaking Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Jeannette, located in Pennsylvania, is a small urban community with a rich industrial history. Over the past decade, this city has experienced notable shifts in its housing market, characterized by fluctuating homeownership rates and evolving average home and rent prices. The overall trend shows a slight increase in homeownership, accompanied by a steady rise in average home prices and more volatile changes in average rent prices.
Homeownership rates in Jeannette have shown a modest upward trend from 2013 to 2022. In 2013, the homeownership rate was 65%, which increased to 67% by 2017. After a slight dip to 65% in 2018 and 2019, it rebounded to 67% in 2021 before settling at 65% in 2022. Concurrently, average home prices have demonstrated a consistent upward trajectory. In 2013, the average home price was $103,777, which steadily increased to $150,397 by 2022, representing a substantial 45% increase over this period. This trend suggests a growing demand for homeownership in Jeannette, despite rising prices.
The relationship between federal interest rates and homeownership rates in Jeannette shows some correlation. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates held steady or slightly increased. The subsequent rise in interest rates to 1.83% by 2018 coincided with a small dip in homeownership to 65%. However, even as interest rates fluctuated in the following years, homeownership rates remained relatively stable, indicating that other local factors may also play a significant role in homeownership decisions in Jeannette.
Renter percentages in Jeannette have generally mirrored the inverse of homeownership rates, fluctuating between 33% and 38% from 2013 to 2022. Average rent prices have shown a more volatile pattern. In 2013, the average rent was $627, which decreased to $603 by 2015. However, rent prices then began to climb, reaching $789 in 2018 before experiencing some fluctuations. By 2022, the average rent stood at $739, representing an overall increase of about 18% from 2013. These trends suggest that while renting has become more expensive, it has not significantly impacted the proportion of renters in the city.
Looking at the most recent data, the average home price in Jeannette for 2023 was $149,154, showing a slight decrease from 2022. However, the 2024 average home price has rebounded to $155,097, indicating continued growth in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the city.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Jeannette will continue to rise, albeit at a more moderate pace. Given the historical data and current economic conditions, we might expect average home prices to reach approximately $170,000 to $180,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching around $850 to $900 per month in the same timeframe. However, these projections may be influenced by various factors, including economic conditions, local development, and demographic shifts.
In summary, Jeannette has demonstrated resilience in its housing market over the past decade. The most significant discoveries include the steady increase in average home prices despite fluctuations in homeownership rates, the volatile yet overall upward trend in average rent prices, and the city's ability to maintain a relatively stable balance between homeowners and renters. The recent uptick in interest rates and the continued growth in home prices suggest that Jeannette's housing market remains dynamic and responsive to both local and national economic factors.
