Pittsburgh and Cleveland rank among the most affordable major metros worldwide, yet no metro meets the 3.0 affordability threshold. Median home prices are nearly identical: Cleveland $249,000 and Pittsburgh $249,900, compared with San Francisco and Los Angeles at roughly $1.2 million and $1.5 million respectively, allowing buyers to purchase nearly six homes in Cleveland or Pittsburgh for the price of one in San Francisco. Pittsburgh inventory stands at 3,857 units and Cleveland at 2,260 units. Local markets show slow, steady growth with roughly 40–50% price increases over ten years, while coastal markets rose about 100% or more. New construction is not keeping pace with demand, constraining affordability.
The latest HousingWire Data reveals just how affordable Pittsburgh and Cleveland remain compared to their coastal counterparts. Current median home prices are a dead heat with Cleveland at $249,000 and Pittsburgh $249,900. That compares to markers such as San Francisco ($1.2 million) and Los Angeles ($1.5 million). Essentially, homebuyers can purchase nearly six homes in Cleveland or Pittsburgh for the price of one in San Francisco.
There was an article that came out last month that said Pittsburgh was the only major metro in the U.S. where it's more affordable to buy than it is to rent, he said. The housing market here, we've always been kind of like a slow and steady growth type of area. Even in 2008, during the housing crisis, we were one of only two or three metros in the country where we didn't see a huge drop in prices.
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