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The Latest Pittsburgh Real Estate News

11/19/2018

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The latest Pittsburgh news, including why Pittsburgh was named one of the top locations for single homebuyers, where all the holiday house tours in the area are located, which Boston agency opened an office in the Strip District, and much more. 
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Pittsburgh Named One of the Top Locations for Single Homebuyers 
"With a median list of $180,000, Pittsburgh is more affordable than many other metros. Nearly 44 percent of mortgages in Pittsburgh are taken out by singles."

House Tours for the Holidays: Get in the Spirit with Decorations and Donations
"The holiday season is upon us and home tours are a popular way to get in the spirit, and help a good cause at the same time. As the creche scenes, twinkling lights--even blow up Santas--start appearing, so do the donations to various charities."

Pittsburgh Region's Top Development Sites Faces Life Without Amazon
​"With HQ2 going elsewhere, no one can count on Seattle online retailer Amazon to swoop into town to grab millions of square feet of space, whether it’s at the old LTV Coke Works in Hazelwood, the former Civic Arena site in the lower Hill District, or another location."

OuterBox Names Pittsburgh as Candidate for Second Office
​"OuterBox, an eCommerce company based in Akron, Ohio, is currently in the process of touring and reviewing proposals from cities the company has pegged as leading candidates for the opening of its second office."

Boston Agency Opens Pittsburgh Office
"Boston-based Matter Communications said it has opened an office in Pittsburgh’s Strip District neighborhood, its sixth location."
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Pittsburgh Named Most Affordable City for Middle Class Homebuyers

11/17/2018

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According to realtor.com, Pittsburgh is the most affordable city for middle class homebuyers with gross incomes around $60,000. 
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First, Realtor.com defined a "middle-income" family from the most recent U.S. Census Bureau data as having "a median household gross income of $61,372 per year" and rounded that down to $60,000 for simplicity's sake.

Next, it was calculated that homeowners should spend no more than 28% of annual income on housing, which amounts to $16,800 of annual housing costs on a $60,000 income. If homeowners had a 30-year mortgage with a 5% downpayment and 5% fixed-interest rate, and 0.5% in private mortgage insurance then they could comfortably afford a home priced up to $257,400.

Lastly, listings for the month of September were analyzed to find the greatest share of available housing that was at or below $257,400 in the United States' 50 largest metropolitan areas.
Pittsburgh, PA city skyline
Pittsburgh topped the list, with the median list price of $179,100 and a 64.3% share of affordable homes. It was noted that Pittsburgh reinvented itself from a Rust Belt City into a bustling tech hub, with major tech and health care companies establishing offices in the region. 

Though Pittsburgh has grown and changed, the home prices have remained low. Many neighborhoods are seeing a resurgence in homebuyers' interest and are receiving investors' attention. 

To find out more and learn about the other nine cities that made the list, check out the full realtor.com article here.
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Pittsburgh Ranks as One of the Best Cities for Celebrating the Holidays

11/16/2018

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According to Realtor.com, Pittsburgh is the place to be during the holiday season. The real estate website named Pittsburgh as one of the best cities for holiday celebrations and festivity.
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The largest metros in the country, 150 total, were examined on criteria such as Google searches for "Christmas Parade," seasonal cashiers as a percentage of all employees, Christmas tree and holiday decoration businesses per capita, percentage of all flight arrivals between December 19th and December 23rd to estimate how many people go home for the holidays, and more. 

The article noted that model trains play a large role in Pittsburgh's holiday celebrations due the the fact that it was a "steel and coal-producing behemoth" during the mid-20th century. Bill Humphrey, the public relations director anf vie president of the Western Pennsylvania Model Railroad Museum stated that "People think of us around Christmas time, which all goes back to the tradition of setting up a model train around your Christmas tree."
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The Steel City wasn't only noted for its trains around the holiday season, though. The Winter Flower Show and Light Garden at Phipps Conservatory and Botanical Gardens was also mentioned as another December tradition in the 'Burgh.

For a full list of Realtor.com's Best Cities for the Holidays, take a look at the full article here. ​​
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