Unnecessarily low-cost housing: top 10 most undervalued US cities
If you want to move to the city, where you will get the most out of the money spent on buying a home, a new study suggests you pay attention to Pittsburgh (PA) or at least think in the direction of the east coast.
25 June portal SmartAsset published a ranking of the most undervalued US cities in 2019, and Pittsburgh won first place in it.
The portal analyzed 189 of the largest US cities and derived a formula for calculating the real cost of housing in each city, building on eight indicators of quality of life, including: the level of violent crime for 100 000 residents, the proportion of people with higher education, convenience for pedestrians, unemployment and concentration of restaurants and entertainment.
The formula determined how much a house in a city should cost based on quality of life criteria. The fair value was then compared to actual home prices based on Zillow data. Based on the difference, the rating of the most underestimated cities was compiled - the city with the largest positive difference took the first place, and the city with the largest negative difference - the last.
According to the SmartAsset formula, a house in Pittsburgh per square foot should be 262,79 dollars, but in fact they sell housing there for just 104,50 dollars per square foot. The difference in the 158,29 dollar makes it the most underrated city in the USA. It should be noted that not a single city from the west coast was in the top ten.
Top 10 most undervalued cities in the US in 2019 year:
- Pittsburgh (PA)
- Newark (NJ)
- New Haven (CT)
- Philadelphia (PA)
- Baltimore (MD)
- Providence (Rhode Island)
- Chicago, IL
- Charleston (South Carolina)
- St. Louis (MO)
- Allentown (PA)
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