Pittsburgh is shedding wealthy renters
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Roughly 5.8% of Pittsburgh-area renters in 2023 were wealthy, down 1.4 percentage points from 2019, per a Redfin analysis of the latest Census Bureau data.
Why it matters: Rich renters are on the rise in 35 of the 50 most populous U.S. metros, but Pittsburgh appears to be bucking the trend.
Zoom in: Pittsburgh's existing homes are some of the cheapest in the nation.
- Pittsburgh was the most affordable metro to buy a home in last year — with residents only needing to use 25.3% of their median household income to afford a median-priced home.
The fine print: Researchers defined wealthy renters as those with a household income in the top 20% of local incomes.
- In Pittsburgh, that's a minimum of $145,295.
The big picture: Nationally, the typical affluent renter earned more than they needed to afford a median-priced home, per Redfin.
- But home buying costs have climbed faster than rents, making renting an attractive choice for many, even those with deep pockets.
The other side: Pittsburgh and Detroit are the only two cities in America where it's currently cheaper to buy than rent, according to a February Realtor.com report.