Best of Pittsburgh Suburbs - An Overview

Post by 
Birgo

Last year (2016), the Steel City of Pittsburgh topped the list of “Most Undervalued Cities”, a ranking that is determined on the basis of the quality of life, home values/square foot, crime rate, extreme temperature days, and walkability. Pittsburgh suburbs, in particular, have been shown to be an affordable option for many — from young professionals to growing families to older generations who desire more space and disposable income.

Rosy times ahead

Since 2015, the trend for real estate in the Pittsburgh suburbs has been on the up and up. This, in spite of increasing mortgage interest rates and limited inventory of marketable housing.
The CEO of Howard Hanna Real Estate Services mentions that “Pittsburgh-area neighborhoods that have been hot in recent years continued that pace last year and, in some cases, warmed up others nearby.” As the city neighborhoods get satiated, and demand for housing continues, the spill-over is accommodated in the outlying suburbs.
Within the city reaches, Lawrenceville continued to hold the top spot; followed by the Highland Park/East Liberty community; and then Downtown, which Mr. Hanna said has seen the highest percentage of growth.
As popular communities become overpriced and overpopulated, buyers create new markets nearby, he said.

Pittsburgh Suburbs – A Quick Study

While the real estate market has slowed down dramatically across the nation over the past five years, making it harder for prospective buyers to find a house, Pittsburgh has actually seen a slight increase, according to data from one real estate website.

Ralph McLaughlin, chief economist for Trulia, said he thought Pittsburgh might be faring better than other metropolitan areas, in part, because it has a sizable number of vacant homes. This surplus of available real estate equates to affordable housing and renting prices. The built-in infrastructure of the city allows sellers and landlords to maintain a relatively level, affordable market rate.
Mt. Lebanon, outside of the city’s perimeters has witnessed fast-paced growth, followed closely by Cranberry, Peters, and Adams.

The Downside

While the ongoing sales and purchase of existing real estate carries on at a brisk pace, the fact is that a paucity of new development is causing a stranglehold in the market. According to Mr. Hanna, a lot of housing demand was on account of part-time workers coming into the rural or south suburban Pennsylvania, and now with impending job cuts, it’s a wait-and-watch time for the real estate market.

Why the suburbs?

The parameters that most young families look out for while investing in real estate in the suburbs are: safety, public amenities, schools. Bradford Woods and Franklin Park top the list in desirability for millennials.
The outlook for suburban housing in areas like Upper St. Claire and Leet Township show a marked lean towards ownership versus leasing, and this trend continues in other outlying areas of Pittsburgh as well.

It goes without saying that apart from the factors mentioned above, the economics of the deal swings in favor of suburban housing with the prices being much easier on the pocket as compared to staying in the metropolitan areas. This being said, what are a few minutes more commute to work, when the options are staying in quieter, more salubrious environs?

Keep Up With Birgo

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
THere's More

Posts You Might Also Like

Birgo Realty

How to Meet New People After Moving to Pittsburgh

We get it: moving to a new city is daunting. To ease some of your worries about moving to Pittsburgh, we’ve compiled a list of six resources for you to get started making new friends.
Birgo Realty

Pet Friendly Apartments in Pittsburgh | Birgo Realty Property Guide

Here at Birgo Realty, we love pets and have an expanding portfolio of pet friendly properties! Below we have put together a list of some of our properties that offer accommodations for tenants with furry friends. We strive to ensure our tenants (including ones with fur) feel at home. For specific information about our pet policy visit the Birgo Realty FAQ Page or reach out to a leasing agent!
Birgo Realty

Section 8 Apartments in Pittsburgh

If you’re searching for Section 8 apartments in Pittsburgh, we’re here to help. At Birgo Realty, we believe that comfort and quality shouldn’t be sacrificed when it comes to affordability. That’s why we provide you with modern living spaces that don’t break the bank. Keep reading to view a list of our Section 8 approved apartments in Pittsburgh.
Birgo Realty

New Kensington Business List | Your Guide to Buying Local

In recent years there's been a renewed focus by many to support local businesses. It turns out that New Kensington is home to many such businesses. We have compiled a list to highlight some of the must visit businesses unique to New Kensington and the surrounding area.
Birgo Realty

Birgo Realty Resident Portal | A Step by Step Guide

Tenants deserve comfort and convenience. The Birgo Realty resident portal allows tenants to manage a lease, make payments and request maintenance. It’s fast, easy and secure..all at your convenience! Here’s your step by step guide (with screenshots included!) on how to navigate the Birgo Realty resident portal.