Pittsburghers, you’re getting more than your money’s worth by living here, according to SmartAsset.
They’ve put our city at the top of their list of the country’s most undervalued cities — meaning Pittsburghers pay notably less for the benefits of living here than other Americans pay for the same benefits in their cities.
Looking at data for 200 cities across nine metrics, SmartAsset “created a model using data on unemployment rates, price per square foot, high school graduation rates, percent of residents with a college degree, crime rate, entertainment establishment density, average days with precipitation, average number of days with bad weather and walk score.”
Their results show that cities like San Francisco have great quality of life, making it “worth” $691 per square foot to live there. But because of California’s housing crisis, “the actual value per square foot there is nearly $972 per square foot.”
Which means people are overspending to live there (though they may be glad to have such expensive real estate when it comes time to sell their home).
“Pittsburgh tops the list as the most undervalued city in the country,” says the report. “According to Zillow data, the average home in Pittsburgh is worth nearly $91 per square foot. However, our model suggests that Pittsburgh homes should be worth $266 per square foot.
“One reason Pittsburgh is valued so highly is its educated population. This city has the 50th-highest high school graduation rate and the 35th-highest percentage of residents with a bachelor’s degree out of the 200 cities in the study. Overall our model suggests that living in Pittsburgh yields an estimated $175 per square foot in surplus value.”
Find the full report here.