Study: Pittsburgh No. 1 market for first-time homebuyers
Western Pennsylvania first-time homebuyers take heart — Pittsburgh is the best U.S. city based on affordability and several other measures, according to Yahoo Finance.
A survey by Bankrate.com said Pittsburgh tops the list of the 10 best major metropolitan areas for first-time homebuyers. The ranking was based on 13 measures related to affordability, culture, housing market tightness, job market and safety.
Raleigh, N.C., Oklahoma City, Okla., Hartford, Conn., and St. Louis, Mo., rounded out the Top 5.
The median home value in the Pittsburgh metro area is $144,400, making the housing market “very hot,” according to Zillow.
Pittsburgh also ranks 15th among the best U.S. cities for jobs, according to Yahoo Finance.
Six of the 10 worst U.S. cities for first-time homebuyers were in California.
Despite the good news for Pittsburgh, a new national survey of 2,000 millennials found that 75% can’t afford to purchase a home.
Some signaled a shifting opinion about the necessity of ownership, but the majority cited financial reasons for their lack of homeownership:
- 41% are afraid of a burdensome mortgage payment.
- 76% say student loan or credit card debt is preventing them from buying a home.
- 65% think they’ll have to relocate to afford a home, and 41% believe it’ll be out of state.
- Half have less than $2,000 saved for a down payment.
Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, [email protected] or via Twitter .