Overview of Jeannette Real Estate Market
Jeannette, PA offers appealing options for real estate investors. Key points to consider include the trends in median home values and the overall affordability of housing in this area.
Median Home Value Trends
In Jeannette, the median listing home price was around $149,900 as of May 2024 (realtor.com). This reflects a decline of 3.3% from the previous year. Home prices in Jeannette have shown variability, likely influenced by broader economic conditions and local market factors.
Comparatively, the median sale price was approximately $91,000, marking an 18.3% decrease from the prior year (Redfin). The difference between listing prices and sale prices highlights the negotiation dynamics in this market.
Housing Affordability in Jeannette
The per capita income in Jeannette in 2022 was $33,323, placing it in the middle-income range relative to Pennsylvania and the national standards (NeighborhoodScout). This translates to a median family income of around $133,292 for a family of four, suggesting that the city’s housing market is relatively affordable.
Housing costs in Jeannette are competitive, with a median sale price per square foot of $106, down 29.3% from last year (Redfin). This price point indicates favorable conditions for prospective home buyers and investors looking for budget-friendly opportunities.
Overall, the combination of moderate incomes and declining home prices positions Jeannette as an appealing option for affordable housing and investment.
Demographics and Quality of Life
Jeannette, PA offers a unique blend of population dynamics and cultural diversity, contributing to the quality of life in this community.
Population Dynamics
Jeannette has a population of around 9,146 people. The population density is 3,831 people per square mile, which is much higher than the national average. The median age in Jeannette is 44.5 years, indicating a mature community.
A significant portion of the population, about 51%, are married individuals aged 15 or older, making it a family-oriented community. Additionally, 30% of households have children under the age of 18.
The economic landscape shows some challenges. About 24.3% of residents live in poverty, and the median household income is $47,801, which highlights the economic diversity in the area.
Diversity and Culture
Jeannette displays a diverse range of cultural and ethnic backgrounds. This diversity enriches the cultural fabric of the community, making it a vibrant place to live. The city has a balanced mix of various ethnic groups, contributing to a multicultural environment.
Education is a key component of Jeannette’s demographics. Around 18.83% of adults hold a bachelor’s degree or higher. This is close to the national average and demonstrates a commitment to education.
Additionally, Jeannette’s cultural life is shaped by its rich history and community events, fostering a strong sense of belonging among its residents. Whether it’s local festivals or community gatherings, the city offers plenty of opportunities for cultural engagement.
Neighborhood Profiles
Jeannette, PA, offers diverse neighborhoods that cater to various investment goals. This section provides insights into the top areas for investing and neighborhoods that show potential for growth.
Best Neighborhoods for Investment
One of the prime neighborhoods to consider for investment in Jeannette is the City Center. This area is notable for its mixture of mid-century and historic homes. Many of these properties have architectural charm and have been well-maintained over the years. The City Center is also known for its strong sense of community and high walkability, making it attractive to renters.
Another area worth looking into is the West Jeannette neighborhood. Homes here are generally newer, built within the last few decades, and offer modern amenities. The proximity to local schools and parks makes this neighborhood appealing for families, promising steady rental income. The real estate market in West Jeannette has shown steady appreciation, reflecting its desirability among buyers and renters alike.
Up-and-Coming Neighborhoods
Investors should keep an eye on East Jeannette, which is witnessing notable interest. The housing stock features a range of older homes, ripe for renovation. As more investors purchase and refurbish properties, the overall neighborhood quality is expected to rise, potentially leading to increased property values.
North Jeannette is another area gaining attention. The demographic here is diverse, with a mix of young professionals and retirees. The neighborhood offers a blend of residential options, from single-family homes to small apartment complexes. The area has seen recent improvements in infrastructure, enhancing its appeal for long-term investment.
In both up-and-coming neighborhoods, the improvement trend is supported by local initiatives aimed at boosting economic growth and attracting new residents. This combination of factors makes them promising options for forward-thinking investors.
Cost of Living and Amenities
Jeannette, PA offers a lower cost of living compared to national and state averages with affordable housing and various amenities, including local businesses and restaurants.
Education and Schools
Jeannette boasts several public schools known for their dedicated staff and supportive community environment. Some of the key schools include Jeannette Senior High School and Jeannette McKee Elementary. Both schools provide quality education and extracurricular programs to enhance students’ learning experiences.
The local school district focuses on keeping class sizes manageable, allowing for more individualized attention. Additionally, vocational programs and special education services are available, supporting a wide range of student needs.
Local Businesses and Restaurants
Local businesses in Jeannette contribute significantly to the community’s charm and economy. Many family-owned stores offer a variety of goods and services. There are also several parks and recreational areas for families to enjoy.
Restaurants in Jeannette provide diverse dining options, ranging from casual diners to more upscale establishments. Some notable mentions include Jioio’s Family Restaurant, known for its homemade pasta and cozy atmosphere, and DeNunzio’s Italian Trattoria, popular for its authentic Italian cuisine.
These amenities not only make daily life convenient but also add to the town’s appeal for potential investors.
Economic and Employment Overview
Jeannette, PA, has experienced varied economic shifts in recent years, impacting both job opportunities and wage levels. The local economy shows a mix of growth areas and challenges that are important for potential investors to consider.
Job Market Evolution
Jeannette’s job market has seen some fluctuations over the past decade. The city has an unemployment rate of 7.4%, which is higher than the national average of 6.0%. Recent trends point to a -7.0% decline in job opportunities over the last year. This downturn may pose risks for those looking to invest, as job availability can directly affect property values and rental demand.
Economic diversity in Jeannette is notable, though certain sectors dominate. Key employment industries include manufacturing, retail, and health services. As a part of Western Pennsylvania, Jeannette aligns with regional economic patterns, where traditional manufacturing is gradually giving way to service-oriented roles and new tech jobs.
Income Levels and Employment Sectors
Residents of Jeannette have a per capita income of $33,323, positioning the city within the middle-income bracket in Pennsylvania. This translates to an annual income of approximately $133,292 for a typical family of four, indicating a mix of both wealthy and poor populations within the area.
Employment sectors in Jeannette are varied, featuring a significant portion in the service industry and local businesses. Healthcare and retail are also prominent, providing numerous job opportunities for locals. It’s essential to recognize that the conservative economic backdrop of this region influences employment trends and job security, making certain sectors more stable than others.
Investors should remain aware of income disparities and the influence of regional economic stability when considering Jeannette for real estate investments.
Safety and Crime Rates
Jeannette, PA has varied reports on crime rates that potential investors should consider.
Violent Crime Rate: The violent crime rate in Jeannette is 753 per 100,000 residents. This figure is higher than the national average (source).
Property Crime Rate: Property crimes in Jeannette are lower, with a rate of 347 per 100,000 residents. This makes it 82.2% less than the national average (source).
Safety Percentile: Jeannette is in the 38th percentile for city safety. This means 62% of cities are safer while 38% have higher crime rates (source).
Likelihood of Becoming a Victim: The chance of becoming a victim of violent crime in Jeannette is 1 in 133. For property crime, the chance is 1 in 270 (source).
Residents have mixed feelings about safety. Around 40% feel “pretty safe,” while another 40% have some safety concerns (source).
Population and Demographics: Jeannette has a population of 8,790 and is a suburb of Pittsburgh. It offers a sparse suburban feel with many retirees living there. Most residents own their homes (source).
These statistics provide a broad overview of safety and crime in Jeannette. Understanding these figures can help investors make informed decisions about purchasing property in the area.
Transportation and Connectivity
Jeannette, PA, offers favorable transportation options, connecting residents efficiently with nearby Pittsburgh and main highways. This helps ease travel to neighboring cities as well.
Proximity to Pittsburgh and Nearby Cities
Jeannette is conveniently located near Pittsburgh, making it a suitable location for those who commute to the city. The distance between Jeannette and Pittsburgh is roughly 25 miles. This proximity allows residents to enjoy the amenities and opportunities that Pittsburgh has to offer.
Several nearby cities such as Greensburg and Monroeville are also within a short driving distance. This makes accessing shopping centers, hospitals, and recreational areas hassle-free.
Accessibility to Major Highways
The town is well-connected with several major highways. Route 30 passes directly through, making east-west travel straightforward. Interstate 70 is also easily accessible, which helps streamline the commute to larger metropolitan areas.
This robust highway network facilitates efficient travel to and from Allegheny and Monongahela. The convenient highway access makes Jeannette an attractive choice for those looking to invest in real estate while ensuring easy connectivity to key locations.
Real Estate Investment Potential
Investing in Jeannette, PA presents several promising opportunities for potential real estate investors. The rental market is active, and home prices have shown an upward trend, highlighting strong long-term appreciation prospects.
Rental Market Dynamics
The rental market in Jeannette reflects a stable demand for apartments and houses. According to recent data, the median property price is $215,582. Many families and young professionals look for rental properties, making it a good time for investors to consider multifamily units and single-family homes.
Rental yields are attractive due to moderate property prices and steady rental incomes. The per capita income in Jeannette as of 2022 was $33,323. This income level supports the ability of residents to afford reasonable rent, ensuring consistent cash flow for investors.
Long-Term Appreciation Prospects
Home prices in Jeannette have been steadily rising. Historical data show a trend of home appreciation over the last 10 years. Local real estate experts believe this trend is likely to continue, driven by economic stability and community development projects.
Jeannette’s diverse neighborhoods offer different investment opportunities. For instance, homes in the Forest Hills area average around $195,437, while properties in other neighborhoods might command higher prices. This price diversity allows investors to choose properties that fit their budget and investment strategy.
With ongoing growth and development, Jeannette’s real estate market is set to offer promising returns in the long run.
Lifestyle and Recreation
Jeannette, PA offers a range of activities for residents and visitors. This includes beautiful parks, outdoor activities in the rolling hills, and a rich history and culture to explore.
Outdoor Activities and Green Spaces
Jeannette features several parks that cater to different interests. The city’s parks provide plenty of opportunities for hiking, picnicking, and sports.
One of the popular parks is Altman Park. Families can enjoy playgrounds, picnic areas, and walking trails. Another notable green space is Bushy Run Battlefield, which offers more than just outdoor fun. It also provides a historical context for visitors with its blend of nature and history.
Local sports enthusiasts often visit Oakford Park for its basketball courts and baseball fields. Residents also enjoy the community’s proximity to the rolling hills of Western Pennsylvania which makes it perfect for hiking and biking enthusiasts.
Arts, Entertainment, and History
Jeannette has a rich cultural scene. The Jeannette Public Library is a focal point for local arts and literature events.
The community often gathers for performances at various venues in town, making it a lively spot for cultural activities. History buffs will appreciate the historical sites around the city, such as the Jeannette Glass Museum, that offer a look into the town’s industrial heritage.
Local restaurants and cafes provide a variety of dining options, enhancing the area’s charm. The annual city events and festivals highlight Jeannette’s unique culture and bring the community together.
Tax Rates and Government Policies
Jeannette, PA, maintains competitive tax rates that attract both residents and investors. The city has decided to keep property tax rates stable in 2024. This decision helps maintain affordability and stability in the housing market.
Income Tax Rates:
Jeannette projects to collect $75K more in wage tax collections for the 2024 budget. The additional revenue will support various city services, ensuring a balanced budget.
Property Tax Rates:
Jeannette’s property tax rate will remain unchanged for 2024, helping to maintain stable housing costs.
| Tax Type | Rate 2024 |
|---|---|
| Wage Tax | Increase by $75K |
| Property Tax | Unchanged |
Government Policies:
Local government policies focus on maintaining financial stability and supporting development. The balanced budget for 2024, without raising property taxes, illustrates this commitment.
Investment Incentives:
Jeannette offers various incentives for real estate investments, making it a promising area for investors. Policies facilitating development and stable tax conditions contribute to this attractiveness.
Pennsylvania generally has moderate state taxes, which also benefits those investing in Jeannette. The combination of stable local taxes and state policies creates a supportive environment for real estate investment.
For those interested in investing in the area, understanding these tax rates and policies is crucial. Stable tax policies can significantly affect investment returns.
For more information, check out the detailed tax rates on the city’s website.
Urban Development and Future Growth
Urban development in Jeannette, PA focuses on enhancing infrastructure and balancing growth between rural and urban areas.
Infrastructure Projects
Infrastructure projects play a key role in Jeannette’s urban development. One major effort includes the revitalization of Clay Avenue in the downtown area. This initiative aims to bring life back to the business district by upgrading roads, utilities, and public spaces. These improvements make the area more attractive for businesses and investors.
Another important project is the Jeannette Community Revitalization Partnership, which looks to enhance public facilities and boost economic activities. Investments are also being made in transportation networks, improving accessibility to various parts of the city. This focus on infrastructure is expected to make Jeannette more livable and prosperous.
Rural and Urban Balance
Finding a balance between rural and urban areas is crucial for Jeannette. While the downtown area sees significant development, it’s vital not to neglect the rural regions. Local authorities are working to ensure that infrastructure improvements in rural areas keep pace with urban developments.
Efforts include preserving green spaces and supporting local agriculture. This approach helps maintain the rural charm while encouraging urban growth. Additionally, zoning laws are being updated to facilitate balanced growth. Ensuring that both rural and urban areas benefit from development projects helps support a diverse and resilient community.
Maintaining this balance is important for economic stability and quality of life in Jeannette.
Frequently Asked Questions
Jeannette, PA is gaining attention for its potential in real estate investments. Investors are particularly interested in its emerging markets, rental income prospects, and new development projects.
What are the emerging real estate markets in Jeannette, PA for property investors?
Emerging markets in Jeannette, PA are those with a combination of low home prices and high appreciation potential. Areas with newer developments or recent infrastructure improvements tend to show promise.
Which neighborhoods in Jeannette, PA offer the best potential for rental income?
Neighborhoods with proximity to schools, public transportation, and commercial centers often provide better rental income. The northeast parts of the city are considered more desirable and have higher rental demand.
How does Jeannette, PA compare to nearby areas like Greensburg and Delmont for property investment?
Jeannette, PA offers more affordable home prices compared to Greensburg and Delmont, making it an attractive option for budget-conscious investors. While Greensburg might have higher property values, Jeannette’s lower entry costs can yield higher percentage returns.
What types of properties in Jeannette, PA are best for a high return on investment?
Single-family homes and multi-unit properties in Jeannette, PA are often considered the best for high ROI. Properties in good condition that require minimal renovations are especially sought after due to their lower upfront costs and quicker rental readiness.
Are there any specific development projects in Jeannette, PA that are attracting real estate investors?
Recent development projects in Jeannette include infrastructure upgrades and commercial developments that are increasing the area’s livability and attractiveness. These projects often lead to an uptick in property values and rental demand.
What trends are currently influencing the real estate market in Jeannette, PA?
Current trends include a steady demand for affordable housing and a growing interest in rental properties. Additionally, improvements in local amenities and public services are positively impacting the real estate market.
