Renting in Pittsburgh? You're Getting a Great Deal
The Steel City ranks first in Zillow’s 10 Most Affordable Markets for Renters list.
photo from flickr creative commons
Online real estate database Zillow released a ranking of the top 10 most affordable markets for American renters in late May — and Pittsburgh is first on the list.
Zillow researchers determined the rankings by measuring the percentage of their income that a city’s residents spend on rent. The study compared the largest 50 metro areas in America during the first quarter of 2018.
Pittsburgh renters spend a median of 21.9 percent of their household income on rent, according to Zillow. That’s roughly $1,083 a month based on the U.S. median household income of around $59,000.
St. Louis follows Pittsburgh on the list, with residents paying a median of 22.2 percent — that’s $1,150 — of their household income on rent. Other cities that made the top ten include Birmingham, Cincinnati and Detroit.
Zillow also released a listing of the least affordable markets, which includes New York City, Boston and San Francisco. Los Angeles is the most expensive, with residents paying a median of 47.6 percent of their household income at a median cost of $2,759 a month.
Rent in America has been rising steadily for several years. Residential median rent rose another 2.8 percent during 2017, reaching an average of $1,445 a month, according to Zillow’s February 2018 Real Estate Market Report.