Watch CBS News

Rent Or Buy? Exploring The Best Option For Pittsburghers

By: Shelley Bortz/KDKA-TV

PITTSBURGH (KDKA) -- Rent has increased so much in cities across the United State, including here in Pittsburgh, that it's actually more affordable now to buy a home.

Sold signs are popping up more and more across the city. Experts say it is because owning a home in Pittsburgh is very achievable now.

In a recent study from realtor.com, the national median rental price jumped almost 20 percent last month over the same time a year ago. Experts said there is a financial benefit of buying that renters won't see, including the chance to profit when you sell your home.

Owning a home also allows you to build wealth in ways renting can't. But make no mistake, buying a home is no small expense. Not only are there reoccurring property taxes and insurance payments to make, but there are also maintenance and upkeeping costs that get expensive fast.

Those costs aside, experts said there are clear benefits. First-time homeowner Ashley Henrickson said she and her husband decided to buy after renting for seven years.

"When you sit down and look at the numbers, the amount of house we could afford compared to the amount of rent, it was a no-brainer," she said,

Bill Russo, the vice president of Howard Hanna, said Pittsburgh continues to be one of the most affordable cities to live in.

View CBS News In
CBS News App Open
Chrome Safari Continue