2019 MARKET OVERVIEW

Pittsburgh, Pennsylvania
  • Market Overview

אוכלוסיית מטרו:

2.3 M

הכנסה ביתית חציונית:

$59,000

שיעור אבטלה:

3.8%

חציון מחיר הבית:

$73,000

חציון דמי שכירות חודשי:

$858

With a population of over 2.4 million in seven counties, the Pittsburgh Metropolitan Statistical Area is the 22nd largest city in the nation. The “Burgh” is known as “The City of Bridges” for its 446 bridges, and “The Steel City” for its former steel manufacturing base.

For decades, Pittsburgh was a city on the brink of collapse but recently it has made a huge comeback into the national spotlight. Why? Many are calling it the “Pittsburgh Renaissance.” Neighborhoods are being transformed almost overnight. Luxury boutique hotels are popping up all over the place, which is pretty cool according to Forbes. New office space is being built as well and filled by massive tech companies like Apple and Uber, and so much more!

According to visitpittsburgh.com, “Pittsburgh is proud to rank among the top places to live, work, and visit in the United States. Our city is consistently recognized with accolades from major travel and financial organizations as one of the most livable cities with one of the most viable economies. We have been honored as a first-rate city for livability, culture, and economy for several years.”

Also, in February 2018 UPMC announced their plans to invest $200M in immunology center in Pittsburgh. County officials are stating this will make Pittsburgh a “magnet for the best and brightest scientists who will want to come here.” This is a promising sign that the number of employment opportunities in Pittsburgh will continue to rise in coming years. This will attract more people to move to the Pittsburgh area – more people that will need a place to live.

מדוע להשקיע כאן?

The Steel City has clearly undergone a major transformation, becoming a world-class city and yet, home prices are still lower than the national average. This combination makes for a great cash flow opportunity in addition to a strong chance for equity growth over the long-term.

Pittsburgh Trends & Statistics 2018-2019

In this section, you will learn about the top factors that make Pittsburgh one of the strongest real estate markets today, including affordability, cash flow, and a strong chance for equity growth. Explore Pittsburgh’s housing market, population, and employment trends in the tabs to learn more.


 

Data Sources:

Pittsburgh home values are more affordable than many other U.S. markets today.

  • In January 2018 the median price of 3 bedroom homes in Pittsburgh was $141,000. This is 30% less than the national average of $202,000.
  • In the neighborhoods where RWN members invest the median price of 3 bedroom homes in Pittsburgh was less than $72,000 in January 2018, which is a whopping 65% less than the national average.
  • This shows us that home values in Pittsburgh are more affordable than many other U.S. markets today. This is especially true in the areas where RWN members are investing.

 

Pittsburgh offers investors a higher rental income opportunity than the average U.S. metro today.

  • In January 2018 the median monthly rent 3 bedroom homes in Pittsburgh was $1,100, which is 0.79% of the purchase price of $141,000. This is higher than the national purchase-to-rent ratio of 0.71%.
  • In the neighborhoods where RWN members invest the median monthly rent of 3 bedroom homes was $858, which is 1.18% of the $72,000 purchase price.
  • This shows us that Pittsburgh offers investors a higher cash flow opportunity than the average U.S. metro today. This is even more true in the neighborhoods where RWN members are investing.

 

Pittsburgh home values have not appreciated as much as other U.S. markets since 2012.

  • In January 2012 median price of 3 bedroom homes in Pittsburgh was $108,000. This means that, in the last 6 years (Jan 2012 to Jan 2018), 3 bedroom homes in Pittsburgh have appreciated by more than 21%. During the same period, 3 bedroom homes increased by 41% nationwide.
  • Although home values in Pittsburgh aren’t rising as quickly as other U.S. markets, prices have been increasing every year. Over the last 6 years, Pittsburgh home values have appreciated by 4% annually, compared to 6% annual growth nationally.
  • This shows us that Pittsburgh is a more stable real estate market that offers investors a long term opportunity for growth with less risk.

 

Pittsburgh rents have risen a little slower than the national average since 2012

  • Between January 2012 and January 2018 the average rent for 3 bedroom homes in Pittsburgh increased by 16%. Nationally, rents only increased by 17% during this period.
  • This shows us that the monthly passive income opportunity in Pittsburgh is increasing at a slightly slower rate than the national average.

Pittsburgh’s overall population has declined since 2010 but the millennial population has grown significantly.

  • Although Pittsburgh’s overall population has declined since 2010, the number of millennials (aged 25 to 34) living in the area has grown significantly. In fact, Time recently ranked Pittsburgh in the top 10 U.S. cities where millennials are moving.
  • Apartment List also ranks Pittsburgh as the No. 1 city for young people to live based on job opportunities, affordability and livability.
  • These are a good signs for investors because young people often prefer renting to buying (In 2018, homeownership for millennials is 8 percent lower than older generations), which means the demand homes to rent in Pittsburgh will likely rise in the coming years.

Pittsburgh did not create as many jobs as other U.S. cities in 2018.

  • In the past year the number of jobs in Pittsburgh has increased by about 0.68%. This is lower than the U.S. annual job growth rate of 1.73%.
  • Despite the decline in overall employment, Pittsburgh also experienced employment gains in several sectors.
  • For example: From September 2016 through September 2017, the Pittsburgh metro area saw job growth in several sectors, including construction, education and health services, and financial activities, that exceeded statewide and national averages.

Pittsburgh Job Growth Sectors 2016

Pittsburgh is Very Affordable

  • In the neighborhoods where RWN members invest the median price of 3 bedroom homes in Pittsburgh was less than $72,000 in January 2018, which is a whopping 65% less than the national average.
  • This shows us that home values in Pittsburgh are more affordable than many other U.S. markets today. This is especially true in the areas where RWN members are investing.

Pittsburgh is Cash Flowing

  • In the neighborhoods where RWN members invest the median monthly rent of 3 bedroom homes was $858, which is 1.18% of the $72,000 purchase price.
  • This shows us that Pittsburgh offers investors a higher cash flow opportunity than the average U.S. metro today. This is even more true in the neighborhoods where RWN members are investing.

Pittsburgh Home Values & Rents are Rising Steadily

  • Over the last 6 years (Jan 2012 to Jan 2018), 3 bedroom homes in Pittsburgh have appreciated by more than 21%. During the same period, 3 bedroom homes increased by 41% nationwide.
  • Although home values in Pittsburgh aren’t rising as quickly as other U.S. markets, prices have been increasing every year. Over the last 6 years, Pittsburgh home values have appreciated by 4% annually, compared to 6% annual growth nationally.
  • This shows us that Pittsburgh is a more stable real estate market that offers investors a long term opportunity for growth with less risk.
  • Between January 2012 and January 2018, the average rent for 3 bedroom homes in Pittsburgh increased by 16%. Nationally, rents only increased by 17% during this period.
  • This shows us that the monthly passive income opportunity in Pittsburgh is increasing at a faster rate than the national average.

Pittsburgh is Growing

  • Despite decline in Pittsburgh’s total population and lower-than-average job growth, Pittsburgh is growing steadily in many areas – jobs are being created in construction, education and health services, financial sectors, and millennials are moving here at a higher rate than many other U.S. metros. All good signs for real estate investors today.
  • Major Employers
  • News
  • "#3 Best Big City to Live" – WalletHub
  • "#6 Best City for First Time Home Buyers" – Business Insider
  • "#11 Most Affordable City" – Forbes
  • "#13 Safest City to Raise a Family" – Good Call
  • "26 Rankings that Prove Pittsburgh is Better Than Any Other City" – Made in PGH
  • "#48 Fastest Growing City" – Forbes
  • "Why Move to Pittsburgh" – Weleski Transfer
  • "#7 Cities Where Millennials Are Moving" – Time
  • "#1 Best City for Jobs" – Glassdoor
  • "#1 city for young people to live based on job opportunities, affordability and livability" – Apartment List
  • Learning Resources
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  • Property Teams

הידוע בעיקר בזכות הפיאסטה הבלונית השנתית שלה וכמסגרת המופע להופעה של AMC "שוברים רע", אלבוקרקי, ניו מקסיקו, הוא אזור מטרופולין עשיר בתרבות ויפה באופן טבעי. אלבוקרקי היא גם אחת הערים הגדולות בדרום-מערב העיר, עם אוכלוסייה מגוונת וכמה ממפעלי המחקר ההיי-טק המובילים במדינה, כולל מעבדות סנדיה הלאומית, אינטל ואוניברסיטת ניו מקסיקו. במקביל, המסורות התרבותיות שלה ממשיכות להיות חלק מהותי מחיי היומיום בעיר. עם רגל אחת בעבר, רגל אחת בהווה ושתי העיניים לעתיד, אלבוקרקי הוא מקום מרתק לבקר בו ומקום טוב עוד יותר להתקשר אליו הביתה. (מקור: (https://www.visitalbuquerque.org/about-abq/history/)

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Lior Lustig

Lior Lustig Chief Executive - The Realestate Investor Forum

Lior Lustig has been an experienced real estate investor active in the field in Israel and the US since 2007. Lior has extensive experience in the acquisition and management of single and multifamily properties.
Lior currently runs The Real Estate Investor Forum, which owns a real estate brand and interest, the Facebook group and the “Real Estate Forum USA” site. Lior is versatile in a wide variety of investment markets in the United States and provides solutions to investors through the company.

The Real Estate Investor Forum, LLC is an educational company and is not acting as a real estate broker. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Never send funds directly to a seller but instead, use the services of professional title and escrow companies.

 

 

Check in with The Real Estate Investor Forum before purchasing property to verify that affiliates and markets have not changed in quality or performance. The Real Estate Investor Forum does not provide legal, tax, accounting, or other professional advice. Nothing on this website email is intended to form a contract or binding legal commitment. ©2019 ForumNadlanUSA.com - All rights reserved

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