Pittsburgh's homes are really old
Why it matters: We've got the second-oldest housing stock in the nation, ranking behind only Buffalo, with over 81% of homes sold last year at least 30 years old.
Zoom in: Just 4.5% of homes sold in the Pittsburgh area last year were built between 2019 and 2024, among the lowest percentages in the nation.
The big picture: A major construction slowdown "has fast-tracked the aging of America's housing stock," per Redfin.
The median U.S. home bought last year was 36 years old — the oldest since at least 2012.
Reality check: It's not that most buyers want older houses, which often come with dated infrastructure and higher upkeep. The U.S. hasn't built enough new ones, experts say.
Just 9% of homes were built in the 2010s, after the global financial crisis — the smallest share for any decade since the 1940s, per Redfin.
State of play: Older homes tend to be cheaper, and Pittsburghers needed only about 25% of their median household income to afford a median-priced home last year, the lowest of any U.S. metro area and below Redfin's benchmark of 30%.
Yes, but: Our old homes come with plenty of costs not included in the initial purchase.
8.2% of homes here have structural damage, inadequate insulation and faulty wiring, according to a 2022 study from Porch, forcing owners to pay for costly upgrades and repairs.
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