Q: Why Pittsburgh? A: Great Value

As a relative newcomer to the city of Pittsburgh I often get asked, “Why?”

“Why did you move there?”

“Why is it a good city to live in?”

“Why is it a good place to buy a home?”

In short, “Why Pittsburgh?”

In an ongoing series of posts, I will examine the numerous reasons why Pittsburgh is a great place to live, and an even better place to buy real estate.

You Can’t Beat the Value of Pittsburgh Real Estate

According to the National Association of Realtors, the median sales price of existing single-family homes in Pittsburgh is less than $119,000. Compare that to a national median of almost $200,000. For further comparison, consider the median prices in a sampling of other cities such as Philadelphia ($231,000), Chicago ($246,000), and Boston ($361,000). It soon becomes clear that compared to other major metropolitan areas offering amenities similar to those found in Pittsburgh (more of which later), real estate here is a steal. In fact, according to cnnmoney.com, real estate in the Pittsburgh area is undervalued by as much as 15% when compared to the rest of the country.

But the price of a home is not the only thing to consider, even if you are getting very good value for your money. You also want to be satisfied that you are making a good investment, something that can be tricky given the current uncertain state of the real estate market. Luckily for those considering investing in a home in Pittsburgh, the real estate market here is fairly strong or at the very least, stable. According to ABC news and Forbes, as of 2009 Pittsburgh sits near the top of the list of the country’s strongest real estate markets. Ironically, the reason for Pittsburgh’s current stability might lie in the fact that it wasn’t a beneficiary of the real estate “boom” experienced by many cities over the past few years. Real estate values here did not explode the way they did in some cities during the dawn of the new millennium, but by the same token, they are now avoiding the “bust” which is the flip side of most “booms”.

Another reason for the stability of the local real estate market is that Pittsburgh is experiencing growth in industries such as education, health care, and technology. This growth results in new jobs, which results in greater demand for housing.

While Pittsburgh real estate appears to be a good value and a good investment, there is also something less tangible to be considered when contemplating living in, and buying property in, a particular city. Specifically, it’s important that the neighborhoods and types of homes available suit your desires and needs. Luckily for anyone interested in Pittsburgh, there is such a wide variety of neighborhoods and homes available that it would be impossible to not find something you like.

Pittsburgh is made up of approximately 90 neighborhoods – yes I said 90 – and each one offers a unique mood and style. From transitional to well-established, from bohemian to posh, from hipster to prepster, from bustling to tranquil, Pittsburgh has it all. In terms of types of homes, again, you will find all types. The city offers a high percentage of older construction, which means you will find a lot of beautiful restorations. It is not unusual to find churches and warehouses, along with more traditional houses and buildings, that are in excess of a hundred years old and which have been turned into beautiful, modern living spaces. Older construction also means that bargains can be found if fixing up properties is something that gets your creative juices flowing. For those who prefer more contemporary construction, the demand for housing in Pittsburgh means that many modern condos and houses are available both in the city and in surrounding areas.

In conclusion, Pittsburgh is a great place in which to live and buy real estate for the simple reason that it offers great value. You can get a lot for your money, you are reasonably assured that you are making a good investment, and it is a safe bet that you will be able to find a home that appeals to you and meets your needs.

test Filed under General | Comment (0)