Pittsburgh the #4 Real Estate bargain in the USA (Oakland: best cities, houses)

[gameguy56]

Real Estate: Best Cities to Buy a Home in 2011 - ABC News

[BrianTH]

I find it interesting we are now getting recognition not just for affordable homes, but for homes that are appreciating despite the national slump.

For now both of these things can still be true, but not forever--eventually if Pittsburgh homes keep appreciating more than nationally, its affordability will converge.

[rhondee]

So if anyone is thinking of buying they should do it soon to take advantage of the low prices before they go up!

[BrianTH]

Originally Posted by rhondee

So if anyone is thinking of buying they should do it soon to take advantage of the low prices before they go up!

I wouldn't rush into anything . . . but yes, I doubt Pittsburgh is going to remain as relatively affordable as it is today.

[Copanut]

Housing will always be affordable in this area as more old industrial towns fall by the wayside.

[OnThaGrind]

I think this is positive news, but i hope this does not create a bubble like it did in other cities that collapsed. This region is known as stable, not a boom and bust town, at least in real estate terms. I know once i live there for at least a year and get to know the city, i will look to purchase a home.

[BrianTH]

Originally Posted by Copanut

Housing will always be affordable in this area as more old industrial towns fall by the wayside.

Yeah, but there is a big difference between housing in close proximity to places like Downtown or Oakland, and housing in a mill town somewhere out in one of the river valleys.

[BrianTH]

Originally Posted by OnThaGrind

I think this is positive news, but i hope this does not create a bubble like it did in other cities that collapsed. This region is known as stable, not a boom and bust town, at least in real estate terms. I know once i live there for at least a year and get to know the city, i will look to purchase a home.

Absolutely agree. We've actually got plenty of space right now to develop new units (either in new structures or old ones), and hopefully we can keep meeting demand for quite a while without too much appreciation. But that is tricky--we don't want overbuilding and speculative buying either, because that can set off unsustainable appreciation (aka bubbles).

Fortunately there isn't much appetite for a new housing boom right now, and that may not be something Pittsburgh would go for in any event.

[Copanut]

Originally Posted by BrianTH

Yeah, but there is a big difference between housing in close proximity to places like Downtown or Oakland, and housing in a mill town somewhere out in one of the river valleys.

Not everyone works downtown or in Oakland.

[Retiredcoach]

It is great that the Pittsburgh region is deemed so affordable in terms of the prices of our homes, but a genuine caveat should be in place, as well. What do you suppose is going to happen with our local property taxes as our bloated government swells? How many homeowner tax increases do you suppose it will take to sustain more six figure teacher salaries, five digit health benefits, and significantly underfunded pension costs? The North Allegheny School District finance director is referring to the local schools' future budget woes as the "Armageddon". Houses may cost less initially in our region, but long term affordability will always be offset by the unbridled passion of our elected officials to spend taxpayer money as an unlimited money source.