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Marshall-Shadeland: Shifting Home Values and Ownership in a Transitioning 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
Marshall - Shadeland, a Pittsburgh neighborhood characterized by its blend of residential and industrial areas, has experienced significant changes in homeownership rates and housing prices over the past decade. These shifts reflect broader economic trends and local market dynamics. From 2013 to 2022, Marshall - Shadeland saw a notable decline in homeownership rates. In 2013, 63% of residents owned their homes, but this figure dropped to 49% by 2022. Concurrent with this decrease in homeownership, average home prices increased substantially. The average home price rose from $44,154 in 2013 to $111,898 in 2022, marking a 153% increase over nine years. The relationship between federal interest rates and homeownership rates in Marshall - Shadeland followed expected patterns. Homeownership rates remained relatively stable between 61% and 65% from 2013 to 2016 when interest rates were low, ranging from 0.09% to 0.40%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more sharply, falling from 71% in 2017 to 49% in 2022.
The percentage of renters in Marshall - Shadeland increased from 37% in 2013 to 51% in 2022. This rise in renters was accompanied by fluctuations in average rent prices. The average rent reached its peak at $998 in 2015 before declining to $884 in 2022. Despite the overall increase in renters, the average rent has not shown a consistent upward trend, possibly due to factors such as changes in housing stock or local economic conditions. In 2023 and 2024, the neighborhood experienced a slight correction in average home prices. The average home price decreased to $102,440 in 2023 and then slightly increased to $104,703 in 2024. This occurred as federal interest rates reached 5.02% in 2023 and 5.33% in 2024, potentially impacting buyer affordability and market dynamics. Predictive models suggest that average home prices in Marshall - Shadeland may continue to rise moderately over the next five years, albeit at a slower pace than the rapid growth seen in the early 2020s. Average rent prices are also expected to increase gradually, reflecting the growing demand for rental properties in the area. Marshall - Shadeland has undergone significant changes in its housing market over the past decade. The shift from a predominantly owner-occupied neighborhood to one with a slight majority of renters, coupled with substantial increases in average home prices, reflects broader economic trends and changing demographics. The recent stabilization of home prices and continued high interest rates may signal a new phase in the neighborhood's housing market dynamics.
