Pittsburgh Ranked Top City for 1st Time Home Buyers -Millennials to Overtake Gen X in Home Buying (rental market, homes)

[Lobick]

Originally Posted by UKyank

... Might become a Northsider after 7 years of being a Southsider (can't believe I've been in Pittsburgh that long now).

That was my timeline almost exactly. Both places made perfect sense for the different stages of my life.

Best of luck.

[UKyank]

Originally Posted by Lobick

That was my timeline almost exactly. Both places made perfect sense for the different stages of my life.

Best of luck.

Last time I was over there someone was flying a Union Jack so figured it was meant to be
Thanks!

[szug-bot]

Originally Posted by theta_sigma

We bought at the height of the bubble (or the Pittsburgh version of the bubble which was really more like a bubblette) and my friends on the West Coast were completely aghast over us buying a completely move-in-ready, recently updated single family home for five-figures. Now, I'll be lucky if we can crack six figures on resale 7 years later, but we didn't buy as an investment. We bought because even with all the associated costs, it was cheaper than renting and nowadays it is WAY cheaper than renting.

ouch...that hurts (im a perennial renter).

With taxes, utilities, and maintenance, can you say it is STILL cheaper than renting?

[theta_sigma]

Originally Posted by szug-bot

ouch...that hurts (im a perennial renter).

With taxes, utilities, and maintenance, can you say it is STILL cheaper than renting?

At current East End market rates? Yep, definitely cheaper. We purposefully bought a house that was move-in ready and had already had a lot of updating done, so we haven't really had to put that much money into it, and most of what we have done has been optional improvements (building a fence in the back yard, refinishing the hardwood, etc...) rather than repairs. Our taxes are escrowed, so that's included in the $750/month we pay for our mortgage (we actually overpay to bring down the principle, so we pay $800-850/month). Utilities we were paying anyway at everywhere we've ever rented. So yes, absolutely cheaper for us. it's not a big house or a fancy house, and we're growing out of it now with a toddler, but it's better than paying $1200/month and being at the mercy of a landlord.

[PghYinzer]

Originally Posted by theta_sigma

At current East End market rates? Yep, definitely cheaper. We purposefully bought a house that was move-in ready and had already had a lot of updating done, so we haven't really had to put that much money into it, and most of what we have done has been optional improvements (building a fence in the back yard, refinishing the hardwood, etc...) rather than repairs. Our taxes are escrowed, so that's included in the $750/month we pay for our mortgage (we actually overpay to bring down the principle, so we pay $800-850/month). Utilities we were paying anyway at everywhere we've ever rented. So yes, absolutely cheaper for us. it's not a big house or a fancy house, and we're growing out of it now with a toddler, but it's better than paying $1200/month and being at the mercy of a landlord.

^^^^Agreed, but I will one up your $800-$850 a month mortgage with my $567 a month (taxes and insurance included)...which is less than what I was paying for my half of a 2 bedroom in South Side...

[Goodjules]

In my case most definitely, but I had been renting in the most expensive market in the country, San Francisco. That said, unless you're in a declining neighborhood, you're also building equity through appreciation. Granted, appreciation here tends to be slow and steady outside all but the trendiest neighborhoods. And you get the mortgage interest deduction. You have to crunch the numbers for your own situation. There are a lot of costs associated with owning a home that first time buyers often don't consider. I think if you buy a well priced home in a stable neighborhood here in Pittsburgh, you'll probably do better than renting a similar house in the long run. That's a blanket generalization, I know, individual situations can vary considerably.

[bluecarebear]

Originally Posted by DaisyDaisy

"Roughly 42 percent of millennials say they want to buy a home in the next one to five years,

The article states they WANT to buy a home. They aren't. It is a disturbing trend and Pittsburgh is the main example. We have a ton of renters and very few buyers. What happens if a major employer leaves the region? Or what happens when Pittsburgh is no longer the "hip" place to live after college? These renters can easy take off because they aren't invested. It also shows that trends really haven't changed over the decades. Once people get married and have kids, they leave the city cores.

[UKyank]

Originally Posted by bluecarebear

The article states they WANT to buy a home. They aren't.

"by the end of 2015 millennials will become the largest home-buying age group"

[Blackbeauty212]

Originally Posted by UKyank

"by the end of 2015 millennials will become the largest home-buying age group"

hmmmmm, I don't know if I'd take that as good news about the Housing Market.... Since everything I've read recently confirms Millennials largely prefer Renting over Buying. So if they're going to the largest segment to purchase homes, doesn't look too good from where I sit.

[_Buster]

Originally Posted by UKyank

"by the end of 2015 millennials will become the largest home-buying age group"

but isn't that prediction based on historical age norms - which doesn't mean it will actually happen, it's just a guess. there is reason to believe they will still be buying at a lower rate than older generations. if interest rates go up, all bets are off.