Overview
Pittsburgh has a beautiful location. It’s situated in the southwestern United States where the Ohio, Allegheny, and Monongahela rivers meet. Thanks to such a water setting, Pittsburgh has become a considerable source of tourism, industry, and recreation in this region.
Considering that there are numerous steel companies in Pittsburgh, it is often called the Steel City. Many also call it the City of Bridges because there are about 450 bridges.
Aside from steel, the strongest industries include healthcare, bio-science, computing, shipbuilding, and transportation. This is a home to breathtaking skyscrapers as well as renowned medical centers, museums, and universities.
Locals like to watch and cheer on the Steelers, a professional American football team that competes in the NFL. Pittsburgh Zoo & PPG Aquarium is a perfect place for curious-minded citizens and families. This wonderful place allows them to foster respect for the wild and animals.
Read on to find out more about the housing expenses, cost of living, and rent to own homes in Pittsburgh.
1834 Listing Found in Pittsburgh, PA
Popular Neighborhoods and Suburbs in Pittsburgh
If you want to get away from hectic city life, look for homes in Virginia Manor and Peters Township. You would benefit from safe communities and good schools among other things in these outlying districts.
Shadyside, a neighborhood in Pittsburgh’s East End, is also a nice place to live. It is suitable for young professionals and families looking for exciting nightlife and great shopping. From famous residents and beautiful apartments to rowhouses, there is a wide range of housing options.
Highland Park and Bloomfield are attractive neighborhoods as well. The affordable home price and convenient location make them great for both renters and homebuyers.
Housing Prices in Pittsburgh, PA
As a house hunter looking to buy a home or condo in Pittsburgh, you will want to familiarize yourself with the local real estate market. There are roughly 4,450 homes in this area right now and they sell for an average of $174,000. That’s not only cheaper than the national average but also more affordable than housing in the state of Pennsylvania.
It is important to mention that the number of foreclosed homes is in decline in this area. There are many properties and houses in different phases of foreclosure, however. At the median sale price of around $25,000, these properties/homes offer a good opportunity for potential homebuyers. Even those on a limited budget can afford to buy these foreclosures.
Traditional Buying vs. Rent-to-Own Process
Purchasing a house in Pittsburgh can be a stressful situation for some house hunters. They need to gather enough money to make a down payment, get approved for a mortgage, and much more.
Rent-to-own (also called lease purchase or lease option) can eliminate a lot of pressure and stress associated with the home-buying process. It enables prospective homebuyers to save for a down payment and end up with an agreeable option fee.
Throughout the lease (1-3 years), interested parties can work on improving or restoring their credit scores. They can also make good use of this time to prepare financially for homeownership and explore the neighborhood. That enables them to eventually buy the home when they are financially ready to qualify for a home loan.
Rent-to-own is regarded as a “test run” that lets prospective buyers familiarize themselves with the home and neighborhood. They have a lot of time to get a feel for the place during the rental period of their lease agreement. Moreover, the renters are not obligated to instantly get locked into a long-term mortgage commitment, which usually takes 15 or 30 years.
Living Expenses in Pittsburgh
The affordability of living expenses adds to the attractiveness of the city. In general, essentials are 16% cheaper than in other US cities and states. That makes Pittsburgh an appealing place to take up residence.
Furthermore, housing is below the national average. Utilities are equal while healthcare is 7% lower than the national norm. Transportation and groceries are a bit on the expensive side, costing from 5 to 10% above the national average. Nevertheless, low home prices keep the overall cost of living low.
Conclusion
With a multitude of business and cultural options, Pittsburgh is considered one of the most desirable cities to live in the United States. Both rent and housing prices are pretty affordable in most neighborhoods and suburbs. So whether you prefer places with a suburban feel or urban flavor, you will have lots of choices.
Find properties near me with Rent to own Reviews:
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City of Pittsburgh, PA Demographic Information
- Population:736,800
- White Population:587,472
- Black Population:120,236
- Hispanic Population:7,460
- Asian Population:15,835
- Hawaiian Population:218
- Indian Population:1,048
- Other Population:3,163
- Male Population:72,704
- Female Population:79,611
- Avg House Value:$98,640
- Avg Household Income:$38,600