Money magazine recently named Wexford, PA the 28th best place to live in the United States—an opinion that current residents and business owners in the area already know.Since 2000, the population in Wexford has risen almost 14% and counting. What has followed has been a significant economic boom that is showing no signs of slowing down, and is creating a gold mine in the commercial real estate and development markets.
While new residents come from all over Western PA, a lot of the growth of Wexford has been driven by young professionals leaving the city. Why are these city residents flocking to Wexford? Many families with young children are drawn by the public school system.Public schools in the area spend $18,183 per student, while the national average is $12,435 per student and the student-teacher ratio is 15:1. The commute from Wexford falls within a range that is comfortable for most professionals who work in the city, and there are enough businesses and amenities in the area to keep families entertained within their local communities.As families flocked into the area, home values began to increase. Even as homeowners across the country saw the values of their home plummet during the worse of the economic crisis, home values in Wexford have steadily climbed. The current median home value is $282,300, and according to Trulia, average annual appreciation in the Wexford area is 1.7%. This growth is showing absolutely no signs of stagnating.
The population growth of Wexford coupled with its low unemployment rate makes it a prime location for business and development. The area is large enough to make it a desirable home base for small business and professionals with local practices, and large businesses will find they have plenty of space to develop, as well.Unlike other Pittsburgh city neighborhoods and suburbs, there is ample undeveloped land in Wexford that is ripe for the picking. Savvy developers and investors are keen on the Wexford boom, and now is a great time to purchase land. As the population of the area continues to rise and more businesses discover Wexford, that land will become a hot commodity for both residential and commercial developers, and short-term prospectors will find gems if they act now.
Business owners and developers looking to make both short and long term investments in a growing Pittsburgh area know that business-friendly townships in Wexford are a solid option. The area has all of the perks of the city – an affluent, growing population - without the price tag and increasing tax burdens of Pittsburgh city neighborhoods. It is proximate to both the city and bustling Cranberry Township, with easy access to major roadways, and the development of Wexford is projected to continue to climb upward in the foreseeable future.If you’re ready to invest in commercial real estate and land in Wexford, partner with a CRE team that knows the area inside and out. The brokers are ACRES can help you choose a location that will enhance your investment portfolio or set your business up for continued success. Contact us today for a consultation.