Zillow ranks Pittsburgh as one of best cities for first-time homebuyers

PITTSBURGH (KDKA) - Zillow ranked Pittsburgh as one of the top cities for first-time homebuyers. 

Zillow says markets with more affordable rent, less competition and higher inventory in the for-sale market in 2023 will provide the best opportunity for first-time homebuyers. 

The real-estate marketplace company based its winter/spring 2023 list of the best markets for first-time buyers based on four metrics: mortgage affordability, rent affordability, the inventory-to-buyer ratio and the share of listings with a price cut. 

Wichita, Toledo and Syracuse made the top three. Pittsburgh sits in the eighth spot. Neighboring state Ohio actually has three cities on the list, with Akron and Cleveland also coming in at fourth and fifth.  

Zillow said Pittsburgh's typical mortgage payment is 30% of a homebuyer's income. The estimated inventory-to-buyer ratio, which indicates available supply, is one to six.