Move over, New York and LA – there’s a new city on the real estate scene.
Pittsburgh, Pennsylvania, has just been crowned America’s best place to buy an affordable home, according to a new report from Forbes Advisor.
The Steel City isn’t just about heavy industry anymore – it’s also a hotspot for sports and sandwiches, and now for savvy house hunters seeking more bang for their buck.
Scoring a perfect 100 out of 100, Pittsburgh left other major metros area’s behind in Forbes’ analysis of the 100 largest US cities.
It outshone 99 other major US metros in a comprehensive analysis of affordability, inventory and lifestyle factors.
Pittsburgh, Pennsylvania , has just been crowned America’s best place to buy an affordable home, according to a new report from Forbes Advisor
The Steel City isn’t just about heavy industry anymore – it’s also a hot spot for sports and sandwiches – and now for savvy house hunters looking to get more bang for their buck (Pictured: People walk by the restaurants and shops in Market Square in downtown)
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The city stands out for its blend of affordable homes, top-notch schools and a vibrant food scene.
The city’s median home price of $236,067 ranks as the 19th lowest nationwide, offering hope for budget-conscious buyers in an increasingly expensive housing market.
Pittsburgh residents enjoy remarkably low housing costs, spending just 14.8 percent of their income on home-related expenses – the second-lowest percentage across all cities studied.
The local real estate market is bustling with options, ranking fifth-highest for listings per 100,000 households.
This abundance of choice adds to the appeal of the city’s housing market.
It’s also appealing to families – with the city’s school system ranked fifth-highest for quality among the areas analyzed.
Aerial shot of large Victorian houses in Friendship, a neighborhood in the East End of Pittsburgh
A row of homes in the Shadyside district residential neighborhood of Pittsburgh, Pennsylvania
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Beyond its affordability, Pittsburgh offers a rich tapestry of cultural attractions, dining options, and outdoor activities.
Pittsburgh’s known for its legendary sports teams and the iconic Primanti sandwich, a carb-loaded meal stuffed with fries and coleslaw.
It also features a thriving arts and culture scene and outdoor adventures galore – from biking to kayaking in the historic Point State Park.
The city’s transformation from industrial powerhouse to diverse urban center has made it an increasingly attractive destination for homebuyers.
Hot on Pittsburgh’s heels are Fort Wayne, Indiana, and Buffalo, New York, securing the second and third spots respectively.
A row of houses in Pittsburgh’s Morningside neighborhood
It outshone 99 other major US metros in a comprehensive analysis of affordability, inventory, and lifestyle factors
Fort Wayne boasts a median home price of $227,322 and a low crime rate.
Meanwhile, Buffalo offers the eighth-lowest median home sale price at $211,133 and proximity to two Great Lakes for outdoor enthusiasts.
This comes as the US grapples with a housing affordability crisis as inflation and the economy as a whole has become the key worry for Americans.
But in 2022, Pennsylvania dethroned Florida as the premier retirement state, with the city of Lancaster topping the list of best places to settle down in.
Beyond its affordability, Pittsburgh offers a rich tapestry of cultural attractions, dining options, and outdoor activities (Pictured: Two adults shop at the used books and clothes stores and sidewalk sales in the Strip business district of Pittsburgh)
The city also features a thriving arts and culture scene and outdoor adventures galore – from biking to kayaking in the historic Point State Park. (Pictured: Pittsburgh skyline featuring its famous ‘Rachel Carson bridge’, several skyscrapers and Allegheny river waterfront)
A house in the Summerset neighborhood of Pittsburgh on a sunny winter day
A survey from US News & World Report found that Lancaster, 80 miles west of Philadelphia and home to the nation’s oldest Amish community, was the most desirable city for retiree’s concerned over housing affordability and quality of life.
The six major factors taken into account for the survey include happiness, health care quality, retiree taxes, desirability and job market ratings.
While happiness was the key factor in last year’s report, US News found that inflation, which remains persistently high at 8.2 percent, soaring mortgage rates and fears over the economy created a notable change in the survey.
‘The drastic shift in the housing market, high inflation and concerns of a pending recession have retirees weighing housing affordability more heavily when considering where to retire,’ Emily Brandon, US News senior editor for retirement, said in a statement at the time.