Pittsburgh has recently been named the 3rd most “undervalued real estate” city in the country. This is not the first time Pittsburgh has received praise for job availability, real estate affordability, and overall opportunity.
The only cities before Pittsburgh in affordability were Charleston, SC and Augusta, Ga. Many of the other cities listed were not in the Mid-Atlantic region, which exemplifies how impressive Pittsburgh is to live in. Factored into this calculation were the crime rates, the number of entertainment and dining establishments, walkability, high school graduation rate, and unemployment rate.
Real Estate Affordability
For Pittsburgh, this is in line with all of the recent real estate developments, which have raised some prices which in turn had an influence on property pricing. Despite the fiscal changes, the ongoing construction offers constant jobs which keep the unemployment rate down, and also the crime rate due to increase activity and surveillance throughout many areas of the city which are undergoing developments. Also, Pittsburgh has history on its side, with sturdy infrastructure present since the Industrial Age.
Breaking down the numbers
Pittsburgh was ranked #1 in the 2016 edition of this report, but the very slight drop in the ranking actually signifies how desirable Pittsburgh real estate is becoming. There have been reports of price increases which are made evident by the rise in home value index by nearly 5%, to $136,000. Pittsburgh’s graduation rate for Pittsburgh Public Schools has risen this past year to nearly 80%, which out of over 20,000 students is very impressive. Recent growth has been evident, especially with groups of young people flocking in search of jobs and an affordable place to live.
Takeaways for The Present and Future
Both major news sources and regional real estate news cover Pittsburgh as the place to be. The area is reasonable to rent or buy, jobs are plentiful, and the city is continuing to grow.