CNN: "Cities Where Housing Prices are Hitting New Highs": Pittsburgh is Near the Top (Brentwood: neighborhoods, historic)

[Bong477]

Originally Posted by Katiana

I think prices didn't drop then b/c they were already so low to begin with.

That's a part of it. Remember while Pittsburgh didn't suffer the bust of 2007, it also never benefited from the preceding boom. But that's not all the explanation as there were some other regions that didn't benefit from the boom but still suffered the bust anyway. The other major part was most likely that Pittsburgh fared (reasonably) well economically during the downturn.

[Goodjules]

Originally Posted by h_curtis

No kidding. I was just on Zillow and took a look at the map with all the homes for sale. There are so many homes for sale, it would take forever to get through them all. I also wasn't that impressed with the values. Still very cheap around here. Heck you can even buy a home in Aspinwall for $150K. Pittsburgh might be on the rise, but it is still dirt cheap.

Here in Crafton you can't sell a huge house for much more than $150k-ish unless it's completely updated while retaining the historic details. Then you might get around $200k. These are big homes with lots of stained glass, fancy woodwork, fireplaces, safe streets, good schools… A bargain considering what you get for your money.

[katenik]

Can anyone identify the neighborhood where the photo on the article was taken?

[okaydorothy]

Pittsburgh is still a wonderful bargain. Schools are great, people are really nice and its a cool place to live.

[I_Like_Spam]

Originally Posted by katenik

Can anyone identify the neighborhood where the photo on the article was taken?

Sure, its the Hill District.

A stock photograph with the iconic Civic Arena in the back, apparently taken before the building bit the dust.

[JimboPGH]

Originally Posted by ferraris

According to the numbers in that article wages have risen by 12% while home prices have risen by 10.8%.

How is this a problem?

In fairness, I doubt that wages have risen by 12% across the board.

While the steady rise in housing prices is largely a sign of a healthy economy, there is a growing issue of affordable rentals, especially in the East End. That is an issue that really needs to be addressed by increasing the supply of rental units in core neighborhoods in the near future, if the city's growth is to be sustainable.

[I_Like_Spam]

Originally Posted by JimboPGH

In fairness, I doubt that wages have risen by 12% across the board.

Of course wages haven't risen 12% "across the board", I'm sure that there are people out there that haven't received a wage hike since the 1980's- the 12% is an average.


There are still plenty of rentals in fringe areas that are very affordable, not everyone can live in the core area. Pittsburgh's future growth needs to be able to include some of the less trendy areas.

[JimboPGH]

Originally Posted by I_Like_Spam

There are still plenty of rentals in fringe areas that are very affordable, not everyone can live in the core area. Pittsburgh's future growth needs to be able to include some of the less trendy areas.

If the city wants to continue to attract creative 20-somethings and keep a large chunk of it's post-grad population, there are going to need to be affordable places to rent in vibrant, urban neighborhoods, particularly those proximal to Oakland and Downtown.

If Lawrenceville, Bloomfield, Polish Hill, and much of the North Side continue to become more expensive, prime real estate areas like Uptown, the Hill District, and parts of the Southern Hilltop are going to need to be revitalized as affordable, mixed-income communities that appeal to students, starving artists, and working class families, much like the aforementioned neighborhoods did fairly recently (and still do, to a certain extent).

[doo dah]

Originally Posted by JimboPGH

If the city wants to continue to attract creative 20-somethings and keep a large chunk of it's post-grad population, there are going to need to be affordable places to rent in vibrant, urban neighborhoods, particularly those proximal to Oakland and Downtown.

If Lawrenceville, Bloomfield, Polish Hill, and much of the North Side continue to become more expensive, prime real estate areas like Uptown, the Hill District, and parts of the Southern Hilltop are going to need to be revitalized as affordable, mixed-income communities that appeal to students, starving artists, and working class families, much like the aforementioned neighborhoods did fairly recently (and still do, to a certain extent).

Top tip - neighborhoods that the 54C/D touches.

[Kippy]

According to Bloomberg, you can get rich just by moving to Pittsburgh.

"Feel like moving to Pittsburgh? Now there's a city in a sweet spot, with cheap prices and, according to new BEA data that adjust average incomes for local inflation, relatively high incomes. Pittsburgh is 6.6 percent cheaper than the national average, and residents are the 36th best-paid in the U.S., bringing home almost $48,000 annually per person."

How to Get Rich Just by Moving - Bloomberg