Pittsburgh, Pennsylvania – A new study has identified Pittsburgh as the most affordable city in the United States, providing a stark contrast to the high cost of living in places like New York City. With a median house price of $274,900, Pittsburgh offers a blend of blue-collar heritage and artistic influence, being the birthplace of Andy Warhol and home to Fred Rogers. The city’s diverse neighborhoods are described as walkable, dense, and dynamic by Pittsburgh Planner, making it a big city that lives like a small town.
Published in the 2024 edition of the Demographia International Housing Affordability report, the study evaluates housing accessibility in 94 major metropolitan regions across eight wealthy countries. Although Pittsburgh offers relatively affordable housing compared to other cities, it is still facing housing affordability challenges like the rest of the United States, with the median listing home price nearing $300,000 at a 4.9% year-over-year rate.
Despite Pittsburgh’s historic transformation from a steel-focused economy to one centered around education, healthcare, and technology, the region is struggling to achieve economic growth and job creation. Alan Berube, director of Brookings Metro at the Brookings Institution, noted that Pittsburgh ranks poorly in overall job growth, highlighting the unrealized potential of the city’s evolving economy.
While Pittsburgh remains moderately unaffordable according to the study’s authors, its housing market trends are indicative of the broader challenges facing urban centers in the United States. The city’s housing market, although more affordable than larger cities like New York, still shows signs of veering into unaffordable territory. This trend reflects a broader issue of housing affordability impacting young people, minorities, and immigrants across the country.
In contrast, major cities like San Jose, Los Angeles, San Francisco, San Diego, and Honolulu ranked among the top ten most unaffordable cities in the study. The findings underscore the impact of high housing prices on upward mobility and economic opportunity, particularly in regions like California. As cities grapple with housing affordability, the implications for residents, especially marginalized communities, are profound and far-reaching.