Thinking of buying some Allegheny County real estate? Whether you are looking to buy for yourself or for investment purposes, you'll want to know a bit about the area.
Allegheny County Real Estate
Compared to the rest of the state, Allegheny County real estate is on the more affordable side. In fact, while the nation's real estate values have appreciated 38% in the last 10 years, Allegheny real estate has only appreciated 10.8%. That's great news for those planning on buying a home and living in it for a long while or investors looking to do a long-term rental.
The average price of homes in the area hovers around $145,600 whereas the national average sits at $216,200. Many people attribute the low home rates to the median income, which is below the national average.
Of Allegheny citizens, 31% are renters and there's a 10.5% vacancy rate. There is a larger percentage of those who own their house in this charming county than the national average, at 58.48% vs the national average of 56.43%.
The average home in Allegheny is 58 years old, which is more than 20 years older than the national average.
What does this mean for me?
All of this data can mean different things for different people, especially when combined with other data such as the average income and unemployment rate.
What we can tell from the data so far is that people tend to stay in their homes long-term in Allegheny, and there isn't much overturn. Because of that, renting and flipping homes don't do as well for investors as it could in other areas of the state.
If, however, you are looking to buy a home to live in for a while, this is the place for you. You can get in at a nice low rate, and when you are finally ready to move (a decade or so down the road), you can enjoy a bit of equity as a bonus.
Where is Allegheny County?
Allegheny County resides in the southwest of the great state of Pennsylvania. It includes cities such as Pittsburgh (the county seat), Clairton, Duquesne, and McKeesport, as well as many boroughs, townships, and unincorporated communities.
Cost of Living in Allegheny County
The cost of living in Allegheny County is slightly below the national average. With the median income of $53,929, many people can readily afford the homes in the area.
The taxes aren't too shabby, either, as they average out to 3% (1% property tax, 2% school tax).
What to Know About Allegheny County
Allegheny County Economy
Known in the past for its farming, the farmers turned their wheat toward distillery in the late 18th century to make more of a profit.
Around that time, the new country needed good steel. Due to its deposits of coal and iron and Allegheny's proximity to the water, it wasn't long before it became a huge steel port. To this day, Allegheny is home to fortune 500 companies such as U.S. Steel Corporation, PNG Financial Services Group, PPG Industries, and HJ Heinz Company.
Jobs in Allegheny County
The unemployment rate in Allegheny is 5.4%, which is slightly above the national average of 5.2%. Jobs continue to increase, with a .9% increase in the last year alone. The average salary is $52,390, with the largest increase in salary coming from mining and healthcare.
Allegheny County Culture
There is quite a mixed culture in Allegheny County. The suburbs of Pittsburgh boast some of the nicest houses in the area with family-friendly neighborhoods and some of the top-rated schools. Then you get to parts of Pittsburgh where the crime rate is higher and the communities are less exclusive.
Schools in Allegheny County
There are many top-rated schools in the county, such as:
- North Allegheny High School
- Franklin Elementary School
- Bradford Woods Elementary School
- Marshall Elementary School
- Ingomar Middle School
- Mt Lebanon Senior High School
- Foster Elementary School
- Hoover Elementary School
- Jefferson Middle School
- Howe Elementary School
Best Neighborhoods in Allegheny County
If you're looking to buy a house for you and your family, you'll want to buy in Allegheny County, look first to the Pittsburgh suburb of Bradford Woods.
In this lovely town (population 1,230) you'll find that 95% of the residents own their home. There is a median home value of $288,300 which is quite amazing for being so close to Pittsburgh. This isn't the place for a rental property, however, as the average rent is $235 per month, which is dismal in comparison to the national average of $949 per month.
It's safe, and although it's a tad pricey, there's a sense of community that is simply not felt many other places.
Mt. Lebanon Township
Residents of Mt. Lebanon say that it is very friendly. One resident sums up their fellow resident's reviews by saying, "Mount Lebanon is a wonderful place to live, especially if you have a family and kids. The school district is ranked the best in the entire county, and the area is very kid and people friendly, and all of the people are very nice. There's an uptown where all the shops are located, from restaurants to cafes to tailors and to real estates. They have everything you can possibly need in a community. It is a very active community, so you can always find something to get involve (sic) in!"
Squirrel Hill North
The sense of community felt in this Pittsburgh suburb is simply not felt many other places. Given an A+ by Niche.com for their family-friendliness, many residents voice their love of growing up and raising their children in the area.
It's a larger area, with a population of 14,314, a median home price nearly quadruple the national average and a slightly higher-than-average rent amount.
What to Do in Allegheny County
There is quite a bit to do in Allegheny.
Home to Carnegie, there are a few museums bearing his name and exhibits. There is also the Warhol Museum, the National Aviary, and a public art attraction made famous by Atlas Obscura called Randyland.
Additionally, there are 9 county nature parks, annual festivals like Festival of the Lights, and many other fairs and community gatherings.
If community gatherings aren't' your cup of tea, there are some great restaurants to catch up on, such as Randy's Up the River, Eb's Eatery, and famous Philly cheesesteaks at One Pound Cheesesteaks.