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LIVING IN PASCO
Pasco is a larger medium-sized city located in the state of Washington. With a population of 78,871 people and 19 constituent neighborhoods, Pasco is the 16th largest community in Washington. Much of the housing stock in Pasco was built relatively recently. The construction of new real estate can often be taken as an indication that the local Pasco economy is robust, and that jobs or other amenities are attracting an influx of new residents. This seems to be the case in Pasco, where the median household income is $70,486.00.
In terms of college education, Pasco is nearly on par with the US average for all cities of 21.84%: 19.86% of adults 25 and older in Pasco have a bachelor’s degree or advanced degree.
The per capita income in Pasco in 2018 was $27,344, which is lower middle income relative to Washington, and middle income relative to the rest of the US. This equates to an annual income of $109,376 for a family of four. However, Pasco contains both very wealthy and poor people as well.
Pasco is an extremely ethnically-diverse city. The people who call Pasco home describe themselves as belonging to a variety of racial and ethnic groups. People of Hispanic or Latino origin are the most prevalent group in Pasco, accounting for 55.51% of the city’s residents (people of Hispanic or Latino origin can be of any race). The greatest number of Pasco residents report their race to be White, followed by Asian. Important ancestries of people in Pasco include German, English, Irish, Italian, and Norwegian.
Foreign born people are also an important part of Pasco’s cultural character, accounting for 22.40% of the city’s population.
The most common language spoken in Pasco is English. Other important languages spoken here include Spanish and Slavic languages.
PASCO, WA HOUSING MARKET TRENDS
With 78,871 people, 22,838 houses or apartments, and a median cost of homes of $370,839, Pasco real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Pasco, accounting for 72.48% of the city’s housing units. Other types of housing that are prevalent in Pasco include large apartment complexes or high rise apartments ( 11.93%), duplexes, homes converted to apartments or other small apartment buildings ( 5.61%), and a few row houses and other attached homes ( 5.06%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pasco. Owner-occupied housing accounts for 68.85% of Pasco’s homes, and 66.87% have either three or four bedrooms, which is average sized relative to America.
Pasco homes and real estate are some of the newest in America. 46.38% of Pasco’s housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Pasco real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.63%), and between 1940-1969 ( 21.62%). There’s also some housing in Pasco built before 1939 ( 5.37%).
PASCO HOME APPRECIATION RATES
In the last 10 years, Pasco has experienced some of the highest home appreciation rates of any community in the nation. Pasco real estate appreciated 112.25% over the last ten years, which is an average annual home appreciation rate of 7.82%, putting Pasco in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pasco definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Pasco appreciation rates have trailed the rest of the nation. In the last twelve months, Pasco’s appreciation rate has been 4.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout’s data show that house appreciation rates in Pasco were at -1.84%, which equates to an annual appreciation rate of -7.18%.
Relative to Washington, our data show that Pasco’s latest annual appreciation rate is higher than 80% of the other cities and towns in Washington.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Pasco differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pasco – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Pasco real estate investment or home purchase decisions.
Information provided by Neighborhood Scout.
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