A new report from Redfin has crowned Pittsburgh as the most affordable metro area to buy a home in 2024.
Why It Matters
While homebuyers in high-cost cities continue to struggle with skyrocketing prices, Pittsburgh has largely avoided the same financial pressures. This affordability makes the city an attractive option for those looking to buy without breaking the bank.
Breaking Down the Numbers
According to Redfin, Pittsburghers needed only 25.3% of their median household income to afford a median-priced home in 2024. This figure is well below the 30% benchmark typically used to gauge housing affordability and is the lowest percentage among all U.S. metro areas.
- In 2023, the percentage was nearly identical at 25.4%.
- The median household income in Pittsburgh in 2024 was $79,688.
- The median home price in the region stood at $234,000.
- By comparison, the national median home price was nearly $430,000.
How Pittsburgh Compares
Other Rust Belt cities also ranked high in affordability:
- Detroit – 25.5%
- St. Louis – 26%
- Cleveland – 26.4%
Meanwhile, on the opposite end of the spectrum, San Francisco residents needed 76.2% of their median household income to afford a home, highlighting the stark disparity in housing affordability across the country.
The Hidden Costs of Pittsburgh Homes
Despite Pittsburgh’s affordability, homeownership here comes with its own challenges. A 2022 study from Porch found that 8.2% of homes in the area suffer from structural damage, inadequate insulation, and faulty wiring. These issues can lead to costly repairs and renovations, adding unexpected expenses for buyers.
Looking Ahead: Rising Property Taxes
While home prices remain affordable, some Pittsburgh homeowners should prepare for higher property tax bills in 2025, particularly in areas like Allegheny County.
The Fine Print
Redfin’s affordability data estimates monthly housing payments based on home sale prices, mortgage rates, and income data. Their analysis assumes a 15% down payment and standard mortgage terms.
Final Thoughts
Pittsburgh’s real estate market continues to offer a welcome alternative to the affordability crisis seen in other cities. However, potential buyers should be aware of potential repair costs and rising property taxes when making their decision. With its balance of affordability and economic opportunity, Pittsburgh remains a strong contender for homeownership in 2024.
