Move over, New York and Los Angeles: there’s a new city on the real estate scene.
Pittsburgh, Pennsylvania, was just crowned the best place in America to buy an affordable home, according to a new report from Forbes Advisor.
Steel City is no longer just about heavy industry: It’s also a hotspot for sports and sandwiches, and now for savvy house hunters looking to get more bang for their buck.
With a perfect score of 100 out of 100, Pittsburgh left other major metropolitan areas behind in Forbes’ analysis of America’s 100 largest cities.
It outperformed 99 other large U.S. metropolitan areas in a comprehensive analysis of affordability, inventory and lifestyle factors.
Pittsburgh, Pennsylvania, was just crowned the best place in America 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 looking to get more bang for their buck (pictured: people walking through the restaurants and shops in Market Square in downtown)
The city stands out for its combination of affordable housing, top-notch schools, and a vibrant dining scene.
The city’s median home price of $236,067 ranks 19th lowest nationally, offering hope to budget-conscious buyers in an increasingly expensive housing market.
Pittsburgh residents enjoy remarkably low housing costs and spend just 14.8 percent of their income on home-related expenses, the second lowest percentage of all cities studied.
The local real estate market is packed with options and ranks fifth in terms of listings per 100,000 homes.
This abundance of options increases the attractiveness of the city’s real estate market.
It’s also attractive to families: the city’s school system ranks fifth in quality among the areas analyzed.
Aerial shot of large Victorian houses in Friendship, a neighborhood in Pittsburgh’s East End
A row of houses in the residential neighborhood of the Shadyside district of Pittsburgh, Pennsylvania
Beyond its affordability, Pittsburgh offers a rich variety of cultural attractions, dining options, and outdoor activities.
Pittsburgh is known for its legendary sports teams and the iconic Primanti sandwich, a carbohydrate-rich meal filled with fries and coleslaw.
It also has a thriving arts and culture scene and abundant outdoor adventures, from biking to kayaking at historic Point State Park.
The city’s transformation from an industrial powerhouse to a 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 second and third place respectively.
A row of houses in the Morningside neighborhood of Pittsburgh
It outperformed 99 other large U.S. metropolitan areas in a comprehensive analysis of affordability, inventory and lifestyle factors.
Fort Wayne has a median home price of $227,322 and a low crime rate.
Meanwhile, Buffalo offers the eighth-lowest median home sales price at $211,133 and proximity to two Great Lakes for outdoor enthusiasts.
This comes as the United States faces a housing affordability crisis, while inflation and the economy as a whole have become Americans’ top concern.
But in 2022, Pennsylvania dethroned Florida as the top state for retirees, and the city of Lancaster topped the list of best places to settle down.
Beyond its affordability, Pittsburgh offers a rich variety of cultural attractions, dining options, and outdoor activities (pictured: Two adults shop at used clothing and book stores and sidewalk sales in the Strip shopping district of Pittsburgh).
The city also has a thriving arts and culture scene and abundant outdoor adventures, from biking to kayaking at historic Point State Park. (Pictured: Pittsburgh skyline with its famous ‘Rachel Carson Bridge’, several skyscrapers and the Allegheny River waterfront)
A house in the Summerset neighborhood of Pittsburgh on a sunny winter day
A US News & World Report survey found that Lancaster, 80 miles west of Philadelphia and home to the nation’s oldest Amish community, was the most desirable city for retirees concerned about housing affordability and quality of life.
The top six factors taken into account for the survey include happiness, health care quality, retiree taxes, desirability and labor market qualifications.
While happiness was the key factor in last year’s report, US News found that inflation, which remains stubbornly high at 8.2 percent, rising mortgage rates and fears about the economy created a notable shift in the survey. .
“The dramatic shift in the housing market, high inflation and concerns of a looming recession have retirees weighing housing affordability more when considering where to retire,” said Emily Brandon, senior retirement editor at US News, in a communicated at that time.