There’s a real reason why so many estate professionals across the country are pausing mid-scroll this week, and a big reason behind it is the headline from Pittsburgh that’s rattling the conventional buy-versus-rent debate.
According to Newsweek, amid a housing society that is characterized by rising rates and declining rents, Pittsburgh is the only American city where purchasing a starter house is less expensive than renting one. Let that sink in before moving forward, because it’s not one of a few but the only city.
Although this might come as a surprise, it isn’t really. The story of housing is changing, and it's long overdue, especially for those of us who work, invest, and do business in this market on a daily basis.
Jason Cohen of Nexus Real Estate, a long-standing investor and multifamily expert with a deep footprint in the Pittsburgh housing landscape, has seen this coming for years. He mentions that the affordability headlines might seem like breaking news to the nation, but in reality, in Pittsburgh, this story has been building for more than a decade now.
So, what’s really driving the numbers behind Pittsburgh’s outlier status? And why should both investors and first-time buyers be paying very close attention? Jason Cohen has some detailed information on it.
Nationally, the housing narrative has become quite predictable with constant supply crunches, interest rate fears, and a relentless tug-of-war between wages and housing costs. Pittsburgh, however, never rushed to overdevelop because of its modest blend of long-term urban planning and old-school grit.
Over the last five years, the housing approach and model have been significantly different for different cities. While towns like Austin, Nashville, and Phoenix embraced sky-high appreciation and speculative momentum, Pittsburgh maintained its focus on basics like steady demand, affordable cost per square foot, and restricted investor activity.
The result, you ask? A housing ecosystem that didn’t inflate overnight and isn’t deflating now.
Jason Cohen of Pittsburgh, PA, who built his real estate portfolio by identifying undervalued multifamily assets and turning them into long-term performers, explains it this way: Markets that avoided the boom-and-bust cycle are positioned to become the next havens for real growth. Pittsburgh didn’t sprint. It walked. And now it’s ahead.
According to Newsweek’s reporting, the median cost of a starter home in Pittsburgh sits at approximately $1,361 per month when accounting for mortgage, taxes, and insurance. In the meanwhile, a similar unit will rent for around $1,472 per month. On paper, the $111 disparity might not seem like much, but when considered in the larger context, the margin is huge.
The figures are reversed in almost all other large U.S. cities. Customers are overburdened. Renters are in a tight spot. And first-timers? Being priced out of both possibilities, they are frequently forced to watch from the sidelines. Pittsburgh’s numbers, in contrast, are speaking a different language - one that says stability is still possible when markets are nurtured, not exploited.
According to Jason Cohen, this isn't a statistical anomaly. He mentions that it’s all about smart city planning, controlled overbuilding, and housing operators that prioritize long-term results over quick flips have established this market reality.
If you think affordability is just an add-on, it’s not. It is a foundation on which a lot of decisions are made. When a city hits the national radar for housing affordability, it draws a lot of interest - from investors, from remote workers, and from families looking to put down roots in places that won’t bankrupt them before closing.
This is where both risk and opportunity take place.
Jason Cohen truly believes that affordability isn't a forever status. He says that cities with this edge, like Pittsburgh, must safeguard it. That means aligning development incentives with livability, preserving housing diversity, and ensuring that both renters and owners have a path forward.
Cohen has adopted a value-added strategy for multifamily housing through Nexus Real Estate, updating underperforming apartments without charging renters more. It’s not an easy balance. But it’s one of the reasons the firm has remained rooted in Pittsburgh while selectively expanding to Texas and Colorado.
Investors are looking for properties that give better returns, and Pittsburgh is that for them. It’s not because it’s trending right now; it’s because it’s steady, durable, and accessible. In today’s day and age, that matters more than ever.
Jason Cohen of Nexus Real Estate explains that you can never really chase after returns, although that’s the most important aspect of investment. He says what you really should be doing is building portfolios that can weather interest rate cycles, policy changes, and population shifts. The reason Pittsburgh works so well is that it allows for that to happen with flexibility.
For would-be homeowners, the Newsweek article might feel like a green light. But Jason Cohen cautions against jumping in blindly. He mentions that it is affordable right now, but affordability without strategy can still go wrong, so buyers need to consider a lot of things before making the final decision.
Things like maintenance costs, neighborhood comps, infrastructure investment, and long-term job growth are all just as important as affordability. Pittsburgh offers stability, but every transaction still needs due diligence.
If there’s a takeaway here, it’s that local restraint can produce national resilience. Pittsburgh didn’t wait for a crisis to slow things down. It stayed measured, invested in its own infrastructure, and kept speculative pressures at bay.
As Jason Cohen reminds us, markets don’t stay affordable by accident; they stay affordable when people take the long view.
The numbers tell the story. But in Pittsburgh, it’s the strategy behind them that really stands out.
