Pittsburgh Houses Most Affordable In Country
PITTSBURGH (KDKA) -- People often compare Pittsburgh with San Francisco -- beautiful vistas and lots of hills with plenty of residential housing close to the downtown center.
But here's a huge difference -- how much money you need to make to purchase an average-priced house.
While San Francisco is the most expensive metro area in the United States, says Keith Gumbinger, "Pittsburgh came out as number one in affordability in our most recent updated survey."
Gumbinger with HSH.com says Pittsburgh leads the nation when it comes to how little money a homeowner must earn to buy a median-priced home.
"You don't necessarily have to be extraordinarily wealthy to get an opportunity at home ownership," Gumbinger told KDKA money editor Jon Delano.
"Pittsburgh came in No. 1 with a salary needed of about $31,716 and change."
Using local data from 27 major cities, HSH.com estimates how much salary a person would need to be able to afford the principal, interest, taxes, and insurance on a typical mortgage.
In contrast to Pittsburgh, to purchase a median-priced home in San Francisco, a homeowner needs an annual income of over $142,000.
"Silicon Valley, where so much tech money has poured in in the last few years, the robust stock market -- a lot of instant millionaires being made out there," notes Gumbinger.
Besides San Francisco, other cities requiring big incomes for average housing include San Diego ($95,433 a year), Los Angeles ($89,665 a year), New York City ($87,536 a year), Boston ($80,050 a year) and Washington D.C. ($77,395 a year).
Pittsburgh's closest competitors include Cleveland ($32,010), St. Louis ($33,485), Cincinnati ($33,485), Detroit ($35,521) and Atlanta ($35,800).
Delano: "Bottom line, Keith, we're lucky to be in Pittsburgh?"
Gumbinger: "I think that's fair to say."
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