With a population of over 2.4 million in 7 counties, the Pittsburgh Metropolitan Statistical Area is the 22nd largest city in the nation. The “Burgh” is known as “The City of Bridges” for its 446 bridges, and “The Steel City” for its former steel manufacturing base.
The Steel City has also undergone a major transformation in recent years, becoming a world-class city. However, home prices are still very low, for now at least. This combination makes for great cash flow, with a chance of appreciation.
More reasons to love Pittsburgh:
- The median sale price of a home in Pittsburgh remains low at only $150,000. However, numerous pockets exist with prices at $75,000 to $100,000 as well.
- Median rent per month is over $1,200 a month, providing an opportunity for a sizable and quick return. In some areas, a 2-bedroom home rents for $1,554.
- More so, the area is seeing steady growth in home value, allowing users to take full advantage of equity sooner. As of November of 2016, the year-over-year rise was 2%.
- Pittsburgh is home to 15 Fortune 500 companies – one of the many reasons that Forbes, MSN, CNBC, Real Estate Brokers Insider and more have ranked the city among the top 5 strongest housing markets in the United States today.