Pittsburgh’s housing market is the most affordable in the United States, according to a study by a university in California.
However, the report’s authors say, the ‘Burgh still falls just short of true affordability.
Issued by the Center for Demographics and Policy at Chapman University and the Frontier Centre for Public Policy, the report rates 94 major metropolitan areas across eight countries, based on figures from the third quarter of 2023.
Pittsburgh offers the best housing deals internationally and domestically, with a median price-to-income ratio of 3.1, according to the study. The ratio is calculated by dividing the market’s median house price by the median household income.
That rating puts it just over the edge, into the “moderately unaffordable” category, while affordable housing is considered any metro area with a median ratio of 3.0 or less.
Ranked next, according to affordability, are: Rochester, N.Y., and St. Louis, each at 3.4, and Cleveland, at 3.5.
San Jose is rated the least affordable U.S. metro area, with a ratio of 11.9, followed by Los Angeles, at 10.9.
The median income among Pittsburgh households in 2022 was $60,187, according to the Census Bureau. The median home listing price in the same market in May was $274,900, according to realtor.com.
According to the report’s analysis of why the increase in housing prices is outstripping income growth, “The crisis stems principally from land use policies that artificially restrict housing supply, driving up land prices and making homeownership unattainable for many.”
