How Affordable Is Pittsburgh? VERY Afffordable!

DHREA 10/04/2018

Pittsburgh has been notorious for receiving accolade after accolade in recent years. Regardless if we’re “The Most Livable City In America” (How many times have we won that now?), or because of our stable housing market and fantastic schools, or maybe because we simply have the best people in the world living here; the Steel City always seems to land on various “Top 10” lists.

So if you think it’s time to add another list to Pittsburgh’s list, well…

Zillow recently released their “10 Most Affordable Housing Markets for Homebuyers”, and you guessed it. Not only did we place in the Top 10, Pittsburgh landed at #2!

Housing markets can be deceiving. In some instances, a market’s median home price is lower than other areas, but that market may actually be unaffordable for people who live there. To try and paint a clearer picture, Zillow measured affordability by the share of median income that residents pay for a 30-year fixed mortgage on a typical home. Using those parameters, only Oklahoma City, OK, ranked higher than Pittsburgh.

Using our parameters, however, Oklahoma City doesn’t have three of the most storied sports franchises in North American sport history, our immense melting pot of ethnic foods and backgrounds, and we’re certain they don’t put french fries on sandwiches. Therefore, we would take a slight edge over “OKC”. But, alas, we do tend to be a little biased and protective of our city. 😉

Pittsburgh finished second with these statistics:

Share of Income Spent on Mortgage: 10.9%
Zillow Home Value Index: $139,100
National Population Rank: 22
Inventory: 9,671 homes

Zillow’s full Top 10 list read as follows:

  1. Oklahoma City, OK
  2. Pittsburgh, PA
  3. Indianapolis, IN
  4. Memphis, TN
  5. St. Louis, MO
  6. Detroit, MI
  7. Birmingham, AL
  8. Cincinnati, OH
  9. Cleveland, OH
  10. Kansas City, MO

 

RSVP TO ALEX DEACON’S FREE REAL ESTATE NETWORKING WORKSHOP IN APRIL!

Creative Financing. How to leverage your business with Other peoples Money

Saturday, Apr 14, 2018, 10:00 AM

Hampton Inn Bridgeville
150 Old Pond Rd Bridgeville, pa

42 Members Attending

We will be bringing in two guest speakers this month. Attorney Matt Beam to discuss different contracts, notes, mortgages and lease options etc.. We will cover some of these different contracts and paperwork to help you navigate through your next creative financing deal. Josh Caldwell who is the director of the Local REIA in the north hills. He is …

Check out this Meetup →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

 

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