Pittsburgh ranked as the most affordable city to buy a home in the world – WPXI

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PITTSBURGH — In the 2022 Demographia International Housing Affordability study presented by the Urban Reform Institute and the Frontier Center for Public Policy, Pittsburgh was named the most affordable city to buy a home.

The 18th annual edition of the study examines the affordability of middle-income housing in 92 metropolitan areas across eight different countries, looking specifically at median house prices versus median household income in each market during the third quarter of 2021. The study uses a metric called the median multiple to assess affordability. The median multiple is the median house price in a city divided by the median gross household income (before tax) in the same city. The study then places each subway into one of four categories, ranging from most affordable to least affordable.

The median multiple number for the Pittsburgh market is 2.7, the lowest of the 92 metros analyzed. In the United States as a whole, the median multiple was 5.0. Pittsburgh is the only market in the United States and globally to be ranked as affordable, with a median multiple number below 3.0. Overall, the study found that in 2021 there are five times as many markets with median multiples of at least 10.0 as there were a decade ago.

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