Pittsburgh ranks among best cities for first-time homebuyers during pandemic

Pittsburgh ranks among best cities for first-time homebuyers during pandemic
(wftv.com)

PITTSBURGH — A new study from MoneyGeek, a personal finance technology company, has listed Pittsburgh as the No. 7 best metro in the country for first-time homebuyers looking to purchase their first residence during the Covid-19 pandemic. Cincinnati, Ohio; Minneapolis-St. Paul-Bloomington of Minnesota and Wisconsin; and Omaha-Council Bluffs of Nebraska and Iowa rounded out the top three spots, respectively.

MoneyGeek said it analyzed housing affordability in a given metro as well as a metro’s overall real estate and job markets, park access, internet connectivity and the rate of Covid-19 infections. Of the five factors, affordability had the largest weight which, when broken down into subfactors, included a metro’s median income vs. its median home sales price as well as price per square foot and home prices vs. rent prices. It then compiled these metrics into a composite score to determine its rankings.

Pittsburgh housing organization launches new program aimed at minority neighborhoods