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Pierpont Road's Shifting Landscape: Rising Home Values Amidst Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pierpont Road, located in Waterbury, Connecticut, has experienced significant changes in its housing market over the past decade. This neighborhood has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Pierpont Road has shown a general decline from 2013 to 2022, with some recent signs of stabilization. In 2013, 41% of residents owned their homes, but this figure dropped to a low of 33% in 2018. Since then, there has been a slight recovery, with homeownership reaching 38% by 2022. This trend in homeownership has occurred alongside a substantial increase in average home prices. In 2012, the average home price in the neighborhood was $100,265. By 2022, this figure had risen to $158,327, representing a 58% increase over a decade.
The relationship between federal interest rates and homeownership rates in Pierpont Road follows a generally inverse pattern. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates declined from 41% to 37%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even showed a slight increase from 34% in 2017 to 38% in 2022. This trend suggests that factors beyond interest rates, such as local economic conditions and housing supply, may have played a significant role in homeownership decisions in this neighborhood.
Renter percentages in Pierpont Road have generally increased as homeownership rates declined. In 2013, 59% of residents were renters, and this proportion grew to a peak of 67% in 2018 before slightly decreasing to 62% by 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $1,116, which decreased to $1,072 in 2017 before rising again to $1,299 in 2022, representing a 16% increase over the decade. The population of Pierpont Road has fluctuated during this time, from 1,941 in 2013 to 2,002 in 2022, which may have influenced rental demand and prices.
Looking at the most recent data, average home prices in Pierpont Road continued their upward trajectory, reaching $182,311 in 2023 and $207,211 in 2024. This represents a significant 15% increase from 2022 to 2023 and a further 14% increase from 2023 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, average home prices in Pierpont Road are anticipated to continue rising, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are also expected to increase, potentially reaching approximately $1,600 by 2029, assuming a continuation of the current growth rate and accounting for inflation.
In summary, Pierpont Road has experienced a shift towards a more renter-dominated market over the past decade, with homeownership rates declining and then stabilizing in recent years. Despite this, average home prices have shown robust growth, particularly in the last few years. The rental market has seen more volatility in prices but an overall upward trend. These trends suggest a complex interplay between housing affordability, population changes, and broader economic factors influencing the neighborhood's housing market dynamics.
