Unlike many cities affected by the economy’s ups and downs over the last 10 years, Pittsburgh real estate values have remained relatively constant. This western Pennsylvania city, once known as a steel capital, has recently experienced job growth in a variety of industries, and homebuyers attracted to the area have benefited from the revitalization of the metro area.
If you’re considering a move to Pittsburgh, you’re sure to find a great home in the area, deemed one of the best big cities to live in by Money Magazine in 2015.
Choosing the Best Neighborhood for You
Pittsburgh offers a variety of neighborhoods with distinct personalities, allowing homebuyers to search for a home in the areas best suited for them. For instance, the suburb of Mt. Lebanon has been recommended by Pittsburgh Magazine due to its highly rated schools, while Oakland is the home of many college students attending the University of Pittsburgh or Carnegie Mellon University, two of the 25 area colleges. Hipper, eclectic neighborhoods for those seeking an urban setting include Lawrenceville, East Liberty and the Strip District.
Remember to truly picture yourself living in a neighborhood before you jump in. As always, you should spend time researching and touring each neighborhood before buying to ensure you’re comfortable with important lifestyle factors, such as your work commute, local crime statistics and walkability.
Top Market for First-Time Buyers
According to SmartAsset, Pittsburgh ranked as one of the top markets for first-time homebuyers. With a median home price well below the national average, homes in the metro area are exceptionally affordable. Pittsburgh offers a new type of lifestyle – affordable luxury. With its low cost of living, the city provides many amenities for any budget.
In Pittsburgh, property values haven’t experienced the marked rise and fall noted in other U.S. cities during the last economic downturn; rather, home prices have averaged a 4 percent increase in the last five years. This manageable uptick has allowed many first-time buyers to purchase starter homes in several of the city’s neighborhoods.
Pittsburgh’s Renewed Appeal
Including the surrounding suburbs, the Pittsburgh area’s population is now approximately 2.4 million. After years of population decline, the trend has begun to reverse, leading Forbes to call Pittsburgh a comeback city. The median age of residents has also decreased, indicating the city is attracting younger residents, thanks to recent job growth in the tech, energy and medical industries.
Additionally, a host of investors have recognized the potential for price appreciation in the city, and this increased activity has led to Pittsburgh’s recent designation as the number one city in the country for real estate flippers. All of this renovation and remodeling of older Pittsburgh homes has brought on a deluge of updated inventory of properties for sale, benefiting those who wish to move to the city.
Pittsburgh is consistently regarded as an affordable living option with many big-city amenities, including a new baseball park, a hip dining scene and plenty of historical character.
If you’re moving to Pittsburgh, you have a lot to be excited about. In the past few years, the city has received high praise and many awards, from being named the number one food city to a top city for active lifestyles. If you’re considering relocation to western Pennsylvania, check out what’s available for sale right now on Owners.com.