We all know Pittsburgh is a great place in which to live, but is it a great place in which to buy? The answer is a resounding “yes!” If you are looking to buy a home, Pittsburgh is a bargain for a number of reasons. The first is price. According to data collected by Trulia, the current average listing for Pittsburgh is $211,000 and the price per square foot is $112. Contrast that with our neighbor to the east, Philadelphia, where the average listing is $196,000 and the price per square foot of house is $129. While the average listing price for Philly seems a bit more attractive, a closer look at Trulia’s statistics shows that homes in Philadelphia overall in recent years are not appreciating as much as they are in Pittsburgh. Sale prices here have appreciated 20.7 percent over the last five years. We also have a lower rate of foreclosures, which makes the real estate market here more stable.
Pittsburgh is in a bit of a sweet spot in the real estate market. Prices are still affordable so that the average family is able to purchase a home, yet homes are appreciating, making them a good investment. Owning a home builds equity for owners and gives a good rate of return to those who sell their homes. All things considered, this is the right time to buy.
While dollars and cents issues when talking about housing are always essential, much more goes into the purchase of a home than considering your pocketbook. Other factors include location or neighborhood, type of home, amenities, and schools.
Pittsburgh is known as a city of neighborhoods, and there’s a neighborhood for everyone. Perhaps you like a walking community. Many of the neighborhoods in the area still have a business district where you can walk a few blocks from your home and have coffee in the local cafe, grab a bite to eat, do your banking, and ship a package.
Maybe you are interested in a view. With all the hills surrounding the city, there are numerous neighborhoods with affordable houses that have breathtaking views, whereas in other cities like San Francisco, you’d pay exorbitant prices for the same kind of vista.
For the outdoorsy or athletic type, the city abounds with parks and rivers, and you can purchase a home that is near your favorite green space, park, or river bank. Are you a hipster or cutting edge type? Many of the city’s urban renewal areas are attracting younger types who like the nightlife.
The beauty of Pittsburgh is that there is a type of home for everyone, from remodeled row homes to bungalows and foursquares, from mansions to townhomes along the river banks, and even residences right in the heart of downtown Pittsburgh.