What Are the Best Places to Invest in Real Estate Near the Pittsburgh Area?
Are you searching for the best places to invest in real estate in Pennsylvania? Pittsburgh is one of the most practical locations to consider residential and commercial real estate investments that are equally profitable, relative to their respective markets. With the powerful momentum sustained by the Pittsburgh market since October 2014, home sales are improving along with the dollar volume, and home buyers are much more confident than they were in the past.
Median home prices in Pittsburgh are just slightly above the $100k mark, which is far lower than the national average. Also, the city and its surroundings have become a haven for small businesses and large corporations looking to relocate to a more lucrative area. This is good news for commercial real estate investors, and it contributes to making Pittsburgh one of the best places to invest in real estate.
Rental Properties vs. Commercial Real Estate Investments
Places like Bradford Woods, Franklin Park and the Indiana Township have always been some of the safest and most pleasant places for people to rent a house, which also makes them excellent places for real estate investments. With home prices still down, buying a single property home or a townhouse to rent out to tenants, and hiring a reliable property management firm to take care of all the details, can be extremely profitable over time.
At the same time, Pittsburgh and its surrounding cities have become some of the best places to invest in real estate properties associated with commercial gains. Large companies and tech giants are expanding to new cities in the US, and Pittsburgh is one of the first they are considering. With projects involving tens of millions of dollars in capital and a significant increase in construction, it’s easy to see why Pittsburgh has become a preferred option for commercial real estate investors who like to think big.
The Best Places to Find Good Quality Rental Properties Near Pittsburgh
When considering the best places to invest in real estate, Pittsburgh and the surrounding metropolitan region is one of the most exciting places to buy under-market properties to rent or sell for a profit. The following are three of the main locations close to Pittsburgh you might want to think of checking out:
- Greensburgh is one of the largest and most diverse cities for finding high quality real estate investment opportunities. The city has hundreds of homes for sale at any given time, with new properties constantly appearing on the market. The diversity of the prices can lead you to find a wide array of properties ranging between $75,000 and $600,000 with relative ease.
- Also close to Pittsburgh, places like Jeanette and Grapeville offer a slightly more restricted range of properties, but they are also home to some of the best places to invest in real estate due to the surprisingly low costs involved.
- Low-cost real estate properties available for sale can also be found in places like Duquesne, North Versailles and Wilmerding. The prices here can range from medium to extremely low, presenting exceptional opportunities even for investors with a less impressive financial standing.
Pittsburgh itself is a remarkable place when it comes to investing in residential real estate. The city is one of the largest in Pennsylvania, and the growth that it’s been experiencing since 2014 has led to population growth and an increase in jobs that has led to many locals being able to afford more expensive rent amounts.
If you want to find one of the best places to invest in real estate, Pittsburgh is not only a great city for flipped houses – with renovation costs often reduced to less than 10% of the total amount of the home – but also an excellent location to consider long term rental investment.
Local Areas to Invest in Commercial Real Estate
Greenburg and several smaller cities in the Westmoreland area east of Pittsburgh are considered to be among the best places to invest in real estate, focusing primarily on commercial properties. The manufacturing and retail sectors are represented in abundance in the area, and there are many new companies attempting to leverage the expanding corporate market in Greenburg.
Pittsburgh is somewhat evenly populated by retail stores, food places, service providers and manufacturing buildings throughout the northwestern and eastern part of the city. Some areas that might be of interest to potential commercial real estate investors include Moon, Monroeville and the Ross Township. Everything from furniture stores to general construction can be found easily in these locations, and the best news is that commercial properties belonging to the Pittsburgh metropolitan area, but situated outside of Pittsburgh are typically far less expensive than the ones closer to the city’s downtown area.
Commercial real estate is undoubtedly one of the most profitable business ventures you can consider in the Pittsburgh area. With numerous affordable properties that have a lot of potential, and plenty of new businesses moving to the area, Pittsburgh has become one of the best places to invest in real estate, even for people without too much initial capital.