Pittsburghers spend lowest percentage of income on homes
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Pittsburgh was the most affordable metro to buy a home in last year, according to a new report from Redfin.
Why it matters: While the national housing crisis looms, our region has largely escaped the same pressures hitting high-cost cities.
Driving the news: Pittsburghers only needed to use 25.3% of their median household income to afford a median-priced home in 2024, the lowest of any U.S. metro area and below Redfin's benchmark of 30%.
By the numbers: Pittsburghers needed 25.4% of their income to buy a home in 2023.
- The median household income in the Pittsburgh metro in 2024 was $79,688, and the median home price was about $234,000.
Zoom out: The national median for home purchases last year was nearly $430,000.
Context: Detroit (25.5%), St. Louis (26%) and Cleveland (26.4%) — all Rust Belt cities — followed close behind.
- On the opposite end was San Francisco, where residents needed 76.2% of their median household income to afford a home.
Yes, but: Pittsburgh homes have plenty of costs not included in the initial purchase.
- 8.2% of homes here have structural damage, inadequate insulation and faulty wiring, according to a 2022 study from Porch, forcing owners to pay for costly upgrades and repairs.
The latest: Homeowners in parts of the Pittsburgh metro, including Allegheny County, will see higher property tax bills in 2025.
The fine print: Redfin's data estimates monthly housing payments for the typical homebuyer using data on home sales, mortgage rates, income and the assumption of a 15% down payment.