About the Pittsburgh Housing Market
The cost of housing in Pittsburgh is significantly lower than in other major cities in the United States. This makes it a great place to live if you’re on a budget. The Pittsburgh rental market is generally very competitive, with a vacancy rate of around 5%. This means that there are more renters than available units, which can make it difficult to find a place to live.
The economy of Pittsburgh, Pennsylvania is diverse, with major sectors being health care, education, tourism and banking. The area’s reputation as a tech hub has grown with the support of local universities, including Carnegie Mellon University and the University of Pittsburgh. These institutions sponsor tech incubators that give graduates the resources to start their own companies without moving to Silicon Valley or San Francisco.
Pittsburgh has a thriving arts and culture scene, with a variety of museums, theaters, and other cultural institutions. This makes it a great place to live if you’re interested in the arts.
Median Household Income: $51,000
Metro Population: 2.5mm
11-Year Population Growth: -0.15%
Median Home Price: $210,191
Median Rent Per Month: $1,317 (0.57 Rent-To-Value ratio)
1-Year Equity Growth: 1.9%
8-Year Equity Growth : 62.51%
1-Year Rent Growth: 1%
8-Year Rent Growth (January 2014 – December 2022): 23.2%
Job Growth: +21,900 CES jobs created over the last year
1-Year Job Growth Rate: 2.5%
Unemployment Rate: 4.7%
Tenant Laws: Landlord-Friendly
What to Like
Affordable home prices
Strong rent growth
Diverse economy
Strong equity growth
What to Watch Out For
Cold winters
Traffic
Higher crime rate in some areas
– Pittsburgh has some of the best schools in the country, both public and private. This makes it a great place to raise a family.
– There’s something for everyone in Pittsburgh, from museums and art galleries to sports teams and outdoor activities. You’ll never be bored in this city. Pittsburghers are known for being friendly and welcoming. You’ll quickly feel at home in this city, even if you’re new to the area. Pittsburgh is a great place to live, with a lot to offer residents. This includes a variety of cultural attractions, a vibrant music scene, and a number of parks and green spaces.
– Pittsburgh has a well-developed public transportation system, which makes it easy to get around the city without a car. This is a great option if you’re looking for a more sustainable way to live.
– Pittsburgh is home to some of the best hospitals in the country, including the University of Pittsburgh Medical Center (UPMC). This means that you can be confident that you’ll have access to quality healthcare if you live in Pittsburgh.
– Pittsburgh has a median list price of $210,190 as of Oct 2022 – that’s 38.77% less than the national average
Strong economy
Pittsburgh has a strong economy, with a variety of industries represented. This means that there are plenty of job opportunities in the city, and the unemployment rate is relatively low. The job market in Pittsburgh is strong, with a variety of industries represented. This makes it a good place to find a job, which can help you afford rent and other expenses.
Strong job growth
The job growth in Pittsburgh is being driven by a number of factors, including the growth of the healthcare and technology sectors. The healthcare sector is the largest employer in the area, and it is expected to continue to grow in the coming years. The technology sector is also growing rapidly, and it is creating new jobs in areas such as software development, cybersecurity, and data analytics. The job growth in Pittsburgh is a positive sign for the area’s economy. It shows that the area is becoming more attractive to businesses and that it is creating new opportunities for workers.
Low cost of living
Pittsburgh has a relatively low cost of living compared to other major cities in the United States. This means that you can get more for your money, whether you’re looking for a place to live, food to eat, or entertainment to enjoy. The cost of living in Pittsburgh is generally lower than in other major cities. This includes the cost of rent, groceries, transportation, and other expenses.
Purchasing Property in Pittsburgh
Here are some of the most affordable neighborhoods in Pittsburgh for renters:
Carrick: The average rent is $834 per month.
Perry North: The average rent is $867 per month.
Perry South: The average rent is $867 per month.
Overbrook: The average rent is $896 per month.
Beechview: The average rent is $963 per month.
Regent Square: The average rent in is $1,010 per month.
The Pittsburgh rental market is a relatively affordable one, with the average rent for an apartment in the city being $1,416 in July 2023. This is below the national average of $1,662. Overall, the Pittsburgh rental market is a good option for those looking for an affordable place to live in a city with a lot to offer. There are a variety of neighborhoods to choose from, and the cost of rent is relatively low compared to other major cities.
Rent prices in Pittsburgh have been increasing in recent years, but the rate of growth has slowed in the past few months. This is likely due to a number of factors, including the rising cost of living in other cities, the increasing number of new apartments being built in Pittsburgh, and the city’s growing popularity as a destination for young professionals and retirees.
Pittsburgh, Pennsylvania
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