Pittsburgh is situated in the Western portion of Pennsylvania where three rivers meet. It is home to the Pittsburgh Steelers and the Pittsburgh Pirates, and the city boasts exciting nightlife. The city contains iconic bridges, The Carnegie Museum, and Allegheny Cemetery. The city is known for a steady economy, an excellent education system, and interesting cultural activities. Many people are choosing to retire in Pittsburgh. If you are looking for a new home in the city, you will have numerous options to choose from. You need to be familiar with the areas of the city to see what you want in a mortgage.
Demographics and Median Income of Pittsburgh
The census bureau (https://www.census.gov/quickfacts/table/PST045215/4261000) puts the population of Pittsburgh at 304,391. 64.8% are white, 2.3% are Hispanic, and 26.1% are African American. 4.4% are Asian. 91% of the people have complete high school, and 38.3% have a bachelor’s degree. The unemployment rate in Pittsburgh stands at 4.6%. The median income in Pittsburgh is $41,293.
Median Home Prices in Pittsburgh
The housing in Pittsburgh is very affordable. The housing market is cheap, and the cost of living is below the national average. The city has also been named as “One of the Best Cities to Retire.” The median home prices in Pittsburgh is $169,000. Home values have increased more than 10%, and they are expected to rise within the next year.
Crime Rates in Pittsburgh
Pittsburgh is known as one of the safest cities in the country. There are about 12,000 crimes reported in Pittsburgh each year. Compared to other cities its size, the crime rate in Pittsburgh is lower than the national average.
The average test scores in Pittsburgh is 78%, which is above the national average. There are 185 public schools and 117 private schools in Pittsburgh. Mellon Middle School and Eisenhower El School are two of the best schools in Pittsburgh. The city has a reputation for having strong schools.
Mortgage Loan Options in Pittsburgh
Obtaining a mortgage loan can seem difficult with so many choices. Before you search for a lender, know your loan options, so you can make an informed decision. Some of the types of loans consist of:
- Government-Backed Loans: VA loans, FHA loans, or USDA loans are insured by the Federal Government. These loans have more lenient credit requirements and require minimal down payment. To obtain a VA loan, you must have served in the United States military. To apply for a USDA loan, you need to live in certain areas and have a lower income.
- Conventional Loans: These loans are not insured by the Federal Government. You need good to excellent credit, and you need a larger down payment. However, you might get lower rates.
- Fixed-rate loans: You will be given an interest rate, and it will not change throughout the duration of your loan. Your monthly payment amount will not change, so you will know what to expect each month. Lenders usually offer terms of 30, 15, or 10 years.
- Adjustable-rate mortgage: With this loan, you will have a low interest rate for a certain number of years; then it will increase or decrease. You need to be careful because if the interest rates rise, your monthly payment amount will increase, and it might be difficult to make the payments.
Pittsburgh is a lively city that offers unique and interesting opportunities to its residents. The summers are nice, and the winters are a little cool. It is an ideal place to live. If you are planning to purchase a home in the city, there are numerous options awaiting.