Pittsburgh tied for 5th place among other US cities for the most affordable major metropolitan market in the world, as calculated in the the 11th annual Demographia International Housing Affordability Survey in 2015.
Let’s discover why Pittsburgh was labeled as such an affordable major metropolitan area.
Affordable Real Estate Prices
According to the survey, the median home price in the Pittsburgh metro area is $140,000 as of late 2014.
Relatively High Household Income
The household income in the Pittsburgh area is on average $52,300, just shy of the highest ranking metropolitan area on the affordability list.
When it comes to the Pittsburgh area’s affordability, comparing household income and home prices put the Steel City toward the top. In fact, the metropolitan area rises above the household income average for the entire state of Pennsylvania.
An Economic “Renaissance”
While not included in the affordability survey, it’s worth noting that Pittsburgh is flourishing today in the tech industry.
As a bustling city transforming itself into a modern-day hub of innovation, Pittsburgh is attracting entrepreneurs to the area and is revitalizing its once decaying industrial warehouses.
The fact that the Pittsburgh area is currently thriving should bring future news that Pittsburgh has become the most affordable metropolitan area in the world. But for now, we’ll enjoy a #5 spot on the list.
Make Your Home in this Affordable Area
Enjoy the renewing city for yourself and search for an affordable home in the Pittsburgh area. Now’s a great time to do so!
If you have any questions about what it’s like to live in Pittsburgh and what housing options are available, contact our staff at any time or call us at 724-941-8680.