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Lincoln-Lemington-Belmar: Rising Home Values and Shifting Ownership in a Pittsburgh Neighborhood
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
Lincoln-Lemington-Belmar, a neighborhood in Pittsburgh, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. Homeownership rates in Lincoln-Lemington-Belmar have shown an overall upward trend since 2013. The rate increased from 48% in 2013 to 54% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $30,606, which rose dramatically to $81,474 by 2022, representing a 166% increase over nine years. This significant growth in home values likely contributed to the increased attractiveness of homeownership in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in Lincoln-Lemington-Belmar. From 2013 to 2016, interest rates were historically low, ranging from 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, between 45% and 48%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly increased to 54%. This suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in this neighborhood.
Renter percentages in Lincoln-Lemington-Belmar have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage dropped from 55% in 2015 to 45% in 2022. Interestingly, average rent prices have risen consistently during this period, from $717 in 2015 to $903 in 2022, a 26% increase. This rise in rent prices, coupled with the decrease in renter percentages, suggests a potential shift in the neighborhood's demographic composition or an increase in housing affordability challenges for renters.
In 2023 and 2024, the housing market in Lincoln-Lemington-Belmar experienced some fluctuations. The average home price decreased to $71,467 in 2023 but showed a slight recovery to $73,885 in 2024. This period coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely impacted home buying affordability and may have contributed to the slight decline in average home prices.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in Lincoln-Lemington-Belmar will continue to experience moderate growth over the next five years. Average home prices are expected to potentially reach around $85,000 to $90,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $1,100 to $1,200 per month in the same timeframe.
In summary, Lincoln-Lemington-Belmar has witnessed a notable increase in homeownership rates and substantial growth in average home prices over the past decade. Despite rising interest rates, the neighborhood has maintained a strong housing market. The inverse relationship between homeownership and renter percentages, coupled with rising rent prices, indicates a changing landscape in the local housing market. As we move forward, the neighborhood is poised for continued growth in both home values and rent prices, reflecting its evolving status within the Pittsburgh metropolitan area.
