The Pittsburgh Flip
“Homeownership rates have slipped so much over the past decade that renters now outnumber homeowners in the City of Pittsburgh. In 2007, nearly 54 percent of city residents owned their homes. Today, less than 49 percent do, U.S. Census Bureau data show. . . .
“‘There is a bulge of millennials,’ said Sabina Deitrick, co-director of UCSUR’s Urban and Regional Analysis program. ‘Young people have been increasing in numbers in the city since 2000 and younger people tend to go into a rental market first. An increase in the number of rental units, an increase in the number of people and a shift in preference for staying in the city all point to growth in city’s rental market.’ . . .
“Greater apartment demand pushes up rents and reduces the number of units for those who can’t afford to keep up with rising prices. The most vulnerable are extremely low-income households whose earnings are 30 percent or less of median income locally. For every 100 such households in the Pittsburgh MSA, there are only 45 affordable housing units available, according to a recent National Low Income Housing Coalition report. And for Pittsburghers earning half the median income or less, the city has 17,300 fewer units than it needs, according to the city’s Affordable Housing Task Force.”
FULL STORY published Spring 2019 via Pittsburgh Quarterly