Pittsburgh, Philadelphia both land on national list for offering affordable homeownership
Not surprisingly, data from Redfin recently showed that both cities are in the top ten in the U.S. for highest homeownership rates among low-income families. Pittsburgh has the second highest homeownership rate for low-income families in the country. In the Steel City, 55.8 percent of homeowners have income which is in the bottom 25th percentile. This has increased 2 percent from 2012. Pittsburgh continues to have a high homeownership rate, at 74.3 percent, and the median sales price in the area for this past January was just under $150,000. With more than half of owners’ incomes at $41,000, or the bottom 25 percent, buying a home in Pittsburgh is still a viable option. Just Minneapolis is ahead of Pittsburgh in homeownership among lower-income families at 57.7 percent.
Across the state, Philadelphia was tenth on the list for low-income homeownership. In the City of Brotherly Love, the homeownership rate for households with incomes in the bottom 25 percent, is 52.6 percent, a decrease of 0.6 percent from 2012. Philadelphia was the only city in the top ten to see a decrease from 2012. In Philadelphia, the median sales price for January 2019 was $190,000. Meanwhile, the 25 percent or lower income level is about $51,000. The homeownership rate in the city is 72.8 percent.
However, will this trend continue in Pennsylvania? A recent realtor.com® report found that both new and acting listings in Pittsburgh are down 4 percent year-to-year, while the median listing price is up 3 percent. Additionally, homes are spending four days less on the market compared to last year. In the Philadelphia area, active listings are down 1 percent and new listings are down 10 percent year-to-year. The median listing price is up 9 percent, and home are on the market for four days less year-over-year.