Oct 29, 2024
Steel yourselves, you may be surprised which American city is the most affordable for housing in 2024.
In a diverse city known for its sports, cuisine and manufacturing roots, Pittsburgh homeowners spend only 14.08% of the average income on housing, according to a Forbes Advisor analysis of 100 cities nationwide. Steel City’s average home sale price is $236,067, the second-lowest in the country as a percentage of local household income.
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While other places may have cheaper homes, Pittsburgh’s income-to-housing price ratio is better than all but one: Huntsville, Alabama. But it’s the availability of homes that gave Pittsburgh the crown in the affordability rankings. Forbes found the City of Bridges hosted the fifth-highest listings of homes per 100,000 residences giving it the edge
That combination of lower-priced homes, lower percentage of income spent on housing, and greater availability of homes all combined to make Pittsburgh the most affordable place to live. It doesn’t hurt that the city has a great arts scene, many outdoor amenities, and an excellent school system.
Taking up second and third place respectively on Forbes’ list were Fort Wayne, Indiana and Buffalo, New York. The top three least affordable cities are Oakland, San Francisco, and San Bernardino, California.
It’s not just about housing prices, though. If you’re looking to move to Pittsburgh as a first-time buyer, here are some additional perks to living in the land of three rivers.
Steel City calling
One of the reasons Pittsburgh earned the top spot was its livability. With a population of over 300,000, it has a rabid sports fan base. The National Football League’s Steelers, Major League Baseball’s Pirates and the National Hockey League’s Penguins are all storied franchises, earning the appropriate moniker City of Champions.
Perhaps less well-known is its cultural scene cache. One of the most unique experiences Pittsburgh has to offer is its inclines: the Monongahela and Duquesne Inclines. The two passenger rail funiculars were built in 1877, and they scale Mount Washington Hill. The 400-foot wooden carriage journey on the Duquesne Incline provides stunning panoramas of The Point and Ohio River and is still used by commuters. The Monongahela Incline provides a great view of the Monongahela River.
Steel baron Andrew Carnegie’s impact is still felt in the city as the philanthropist was known to fund cultural touchstones. Visitors and residents immerse themselves in other worlds at the Four Carnegie Museums of Pittsburgh: the Museum of Art, the Museum of Natural History, the Science Center and the Andy Warhol Museum.
Nature lovers will enjoy the Phipps Conservatory and Botanical Garden, with 23 gardens and more than 4,500 types of plants from across the globe. The Sunken Garden's tropical marvels, cacti in the Desert Room, and a Japanese garden full of bonsai and koi ponds are just some of what’s on offer at the conservatory.
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Pittsburgh also has 297 bridges, providing plenty of beautiful lookout points and are a testament to the city’s industrial heritage.
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Money to be made
Predominantly known as a working-class, blue-collar city, other industries are making headway in Steel Town.
True to its roots, Pittsburgh is home to over 2,800 manufacturing companies which employ over 91,000 residents. The Kraft Heinz Corporation, United States Steel and Alstom Transport all operate out of the affordable town.
Additionally, over 70 climate technology and decarbonization companies call Da Burgh home, boasting $1.2 billion in venture capital funding. The city’s manufacturing sector has a keen eye on the future with a growing robotics arm. More than 100 robotics companies, 20 research centers and over 7,000 robotics employees are earning the city a new nickname: Roboburgh.
In addition to being an affordable place to live, Pittsburgh was listed as the fifth-best place to launch your career in 2024 by a Wallet Hub study.
Education is essential in getting into the world of robotics, and parents with school-aged children will be happy to know Pittsburgh ranked fifth-highest for quality schools. That sense of academia continues beyond primary and secondary school. Pittsburgh has 88 universities and colleges providing opportunities for those continuing their education.
Preparing to buy your first home
Buying a home is a huge undertaking, but if you break your pursuit down into manageable steps, the end goal won't seem overwhelming.
Before you start the open house circuit or browse online listings, you should prepare yourself and your finances for this big purchase. How much money you need for a down payment depends on your loan type and the minimum your lender will require.
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William Koblensky Varela is a Staff Reporter at Wise who has worked as a journalist for seven years covering finance, local news, politics, legal issues and the environment.
