Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 2,844, 1,367 total housing units (homes and apartments), and a median house value of $226,733, house prices in Bedford are solidly below the national average.
Single-family detached homes are the single most common housing type in Bedford, accounting for 43.59% of the borough's housing units. Other types of housing that are prevalent in Bedford include duplexes, homes converted to apartments or other small apartment buildings ( 28.39%), large apartment complexes or high rise apartments ( 22.51%), and a few row houses and other attached homes ( 4.38%).
People in Bedford primarily live in small (one, two or no bedroom) single-family detached homes. Bedford has a mixture of owner-occupied and renter-occupied housing.
The housing in Bedford was primarily built before 1939 ( 47.40%), making the housing stock in Bedford some of the oldest overall in America, although there is a range of ages of homes in Bedford. The next most important housing age is between 1940-1969 ( 36.77%), followed by between 1970-1999 ( 14.20%). There's also some housing in Bedford built between 2000 and later ( 1.63%).
Vacant housing appears to be an issue in Bedford. Fully 14.51% of the housing stock is classified as vacant. Left unchecked, vacant Bedford homes and apartments can be a drag on the real estate market, holding Bedford real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Bedford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Bedford during the period has been just 4.84%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Bedford's appreciation rate, at 7.42%, has been at or slightly above the national average. In the latest quarter, Bedford's appreciation rate has been 2.01%, which annualizes to a rate of 8.30%.
Relative to Pennsylvania, our data show that Bedford's latest annual appreciation rate is higher than 60% of the other cities and towns in Pennsylvania.
$226,733
for Pennsylvania
for nation
1,367
$1,004 / per month