Pittsburgh, Philadelphia named most undervalued cities in U.S.
Pittsburgh and Philadelphia were recently named the top two most undervalued cities in the country.
According to SmartAsset, Pittsburgh nabbed top honors thanks to affordable housing and a highly educated population. The SmartAsset model suggests that living in Pittsburgh brings an estimated $175 per square foot in surplus value.
District 10 Vice President Preston Moore said the area is slowly recovering after getting out of the steel business. “Thanks to the health care and technology businesses, we are coming back. We have home prices that are very reasonable, especially compared to other cities,” said Moore.
“We are having more young people come into the area for work and people who graduate from local schools staying. It’s a great place for young tech professionals and then you couple that with low home prices, and it’s a great opportunity to buy a home and start a family. We are now seeing homes selling quickly with multiple offers, and most homes are going above list price. This is new to us,” he added. “We have a long way to go to catch up with the rest of the metropolitan cities however.”
Philadelphia landed in second thanks to its walkability and active social scene. Additionally, SmartAsset estimates that Philadelphia is undervalued by nearly $161 per square foot.
District 1 Vice President Al Perry said Philadelphia is full of affordable neighborhoods.
“Philadelphia is a city of neighborhoods. There is a neighborhood for most working-class Americans,” he said. “You will certainly find higher-end real estate in the city, and that is growing and growing. But there are very affordable neighborhoods.”
“More and more people are starting to realize what a well-kept secret Philadelphia is,” added Perry. “There are so many cool things to do in the city. The city is full of incredible history and we have wonderful arts. There are so many rich food traditions and fun cultural things. If you have an open mind, you’ll never be looking for something to do in Philadelphia.”