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Rising Home Values and Shifting Ownership in Elliott: A Decade of Real Estate Dynamics
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
Elliott, a neighborhood in Pittsburgh, Pennsylvania, is characterized by its diverse community and proximity to downtown. Over the past decade, this area has experienced notable changes in homeownership rates and significant fluctuations in average home and rent prices, reflecting the dynamic nature of Pittsburgh's real estate market. The homeownership rate in Elliott has shown a general decline from 2013 to 2022. In 2013, 59% of residents owned their homes, but by 2022, this figure had decreased to 51%. This trend coincides with a substantial increase in average home prices. In 2013, the average home price in Elliott was $42,431. By 2022, it had more than doubled to $101,510, representing a 139% increase over nine years. This sharp rise in home prices likely contributed to the decline in homeownership, as properties became less affordable for many residents.
Federal interest rates have played a role in shaping homeownership trends in Elliott. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 60%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
The renter population in Elliott has grown as homeownership declined. In 2013, 41% of residents were renters, increasing to 49% by 2022. Interestingly, despite this increase in renters, average rent prices have not shown a consistent upward trend. In 2013, the average rent was $903, and it fluctuated over the years, reaching a peak of $898 in 2019 before dropping to $719 in 2022. This unexpected decrease in rent prices, despite increased demand, could be attributed to various factors such as local economic conditions or housing policies.
Looking at the most recent data, the average home price in Elliott decreased to $88,160 in 2023 but rebounded to $99,689 in 2024. This recovery occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market.
Applying predictive models to forecast future trends, it is anticipated that average home prices in Elliott will continue to rise moderately over the next five years, potentially reaching around $120,000 by 2029. Rent prices, which have been more volatile, are expected to stabilize and gradually increase, possibly reaching an average of $850-$900 per month in the same timeframe.
In summary, Elliott has experienced a shift towards a more renter-dominated market over the past decade, driven by rapidly increasing home prices and fluctuating interest rates. Despite recent high interest rates, home prices have shown resilience, suggesting continued demand in the area. The neighborhood's proximity to downtown Pittsburgh and its evolving demographics are likely to continue influencing these housing market trends in the coming years.
