It wasn’t that long ago that investing in Allegheny real estate was a risky venture. Growth was down and those still believe that to be true have not checked for more updated information. There are actually some neighborhoods within the county that are up and coming. The demand for housing is going up, improvements have been made in some areas and the County has now become a place where investors can reasonably make a profit. A lot has changed in the past decade and here are the reasons why you should consider investing in Allegheny County real estate.
Pittsburgh is alive and well in certain sectors
There are some neighborhoods in the Pittsburgh area that are well worth checking out if you’re considering making an investment in real estate. Whether it’s to develop housing or to secure a family residence, there are quite a few locales that have earned an A or an A+ rating. The high scores given these neighborhoods are due to their attractiveness to new residents. Factors used in determining the merit of a neighborhood includes the crime rate, affordable housing, public school ratings, demographics and the condition of the local economy/housing market.
Bradford Woods, PA
Bradford Woods is a suburb of Pittsburgh in Allegheny County that has an A+ rating. Only 12% of the population has a high school education or less, with the remainder of the population having some college, an Associate’s degree, Bachelor’s or Master’s. The median household income is $103,750. When compared with the national average of $55,322, it’s high. This means that people who live in this area, and purchase homes have more money to do so. Ninety-five percent of the population of Bradford Woods are home-owners and five percent rent. The median home value is much higher than the national average of $184,700, coming in at $288,300. The public schools have a high rating. The crime rate for the neighborhood has not yet been determined for the area with a population of just over 1,200 residents.
Franklin Park is another neighborhood that has earned an A+ ranking. The population is just over 14,000 residents and it has high marks for public schools and housing and is rated as a good place to raise a family. The crime and safety figures are appealing as well as the diversity and offerings for recreation in the area. The fact that Franklin Park is an attractive place to live also makes it an excellent area to invest in real estate. The market in this area is stable and new growth is possible.
We could go on for quite a while with other examples of neighborhoods in Allegheny County that have a high desirability for family living. Marshall Township, Indiana Township, Regent Square, Swisshelm Park, and many other places meet the criteria for having a good housing market with the potential for attracting new home buyers or renters.
How to find the best areas for investment
It’s not difficult to find out how a certain area in a county is faring with regard to the real estate market. The U.S. Census Bureau maintains an updated database of useful statistics that provide information on demographics. There are also multiple reports that are generated frequently giving updates on what’s happening in specific areas in terms of employment rates, housing availability and the condition of the market. The areas that come out on top with an A+ rating are the best places to start looking if you’re serious about making a real estate investment. It’s always a good idea to make sure that the areas you’re considering are places where other people would want to live. If you’re interested in developing, there are ample opportunities out there to buy residential lots that are prime for development. If you’re interested in acquiring rental property with buildings already erected, be sure to determine the demand for housing in the area before you invest.
While it’s true that there was a slump in the real estate market in some sectors of Allegheny County, the economy has been moving more freely. Not all areas are good for real estate investment, but there are several locales that are. It’s well worth checking out your options to get the true facts about the gems that are hidden within this region.