Pittsburgh came out on top in a new Realtor.com rental report as the only U.S. city where it’s cheaper to buy a home rather than rent.
According to the report, renting saves over $900 per month compared to buying a home in 49 out of 50 of the largest cities nationwide, save Pittsburgh.
Leasing a home in the city ranging from a studio to a two-bedroom apartment cost $1,473 last month, which is well below the national median asking rent of $1,711, Realtor.com reported.
However, purchasing a starter home typically just costs $1,362 per month. Realtor.com said that figure is derived from economists assuming a 9% down payment and utilizing the 30-year fixed mortgage rate in June, before adding HOA fees, taxes and homeowners insurance.
The median June list price in Pittsburgh was $255,050, which Realtor.com said is the same as last year.
“Pittsburgh remains one of the most affordable places in the U.S. to live and to buy a home,” said Realtor.com senior economic research analyst Hannah Jones. “It’s the only major market where buying a home is cheaper than renting, and one of just three large metros where a median-income household can afford a median-priced home.”
Home prices in Pittsburgh have climbed roughly 31% since 2019, but rents have climbed nearly 40% over the same time period.
From June 2024 until this June, the cost of rent went up just 0.2%, while the median house cost rose 1% annually, according to the report.
But comparatively, rents have fallen annually across all 50 of the largest U.S. metros for the 23rd consecutive month, dipping by $36 compared with the same period a year ago.
