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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wind Gap, a neighborhood in Pittsburgh, Pennsylvania, has experienced notable changes in its housing market and demographics over the past decade. The area has shown resilience in homeownership rates and significant growth in average home prices, reflecting broader economic trends and local market conditions. Homeownership rates in Wind Gap have remained relatively stable, with a slight upward trend in recent years. In 2013, 67% of residents owned their homes, and by 2022, this figure stood at 66%. Concurrently, average home prices have seen substantial growth, increasing from $73,494 in 2013 to $158,175 in 2022, representing a remarkable 115% appreciation over nine years. The relationship between federal interest rates and homeownership rates in Wind Gap follows established patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 59% and 67%. When interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized around 64-66%, suggesting that residents were still able to take advantage of relatively favorable financing conditions compared to historical norms.
Renter percentages in Wind Gap have fluctuated inversely to homeownership rates, ranging from a high of 41% in 2015 to a low of 32% in 2019. Average rent prices have shown a gradual upward trend, increasing from $971 in 2013 to $976 in 2022, a modest 0.5% increase over nine years. This relatively stable rent market, combined with the neighborhood's population growth from 2,993 in 2013 to 3,421 in 2022, suggests a balanced rental market that has managed to accommodate increased demand without significant price pressure. In 2023 and 2024, Wind Gap's housing market showed interesting developments. The average home price in 2023 was $154,601, a slight decrease from 2022, potentially reflecting broader economic uncertainties. However, 2024 saw a rebound with average home prices reaching $162,027. Notably, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends and affordability. Predictive models suggest a continued upward trajectory for average home prices in Wind Gap over the next five years, albeit at a more moderate pace than the rapid growth seen in the past decade. Average rent prices are expected to maintain their gradual ascent, potentially outpacing the modest increases observed in recent years as demand for rental properties may increase due to higher interest rates affecting home affordability. Wind Gap has demonstrated a resilient housing market with stable homeownership rates and significant appreciation in home values. The rental market has remained balanced, with modest price increases despite population growth. The neighborhood's ability to maintain relatively stable ownership rates in the face of rising home prices and interest rates suggests a strong local economy and desirable living conditions. As Wind Gap moves forward, it will likely continue to attract both homeowners and renters, with its housing market reflecting broader economic trends while maintaining its unique local character.