There are an increasing number of reasons to explore flipping houses in Pittsburgh. Our team took a trip there recently and had the fortune of traveling around the Steel City with an active developer and meeting with local government. Since then, we've started to make an effort to do more rehab loans in the Pittsburgh area. Learn why we're working hard to continue funding more projects in the home of the Steelers and Pirates in 2020.
Reasons for flipping houses in Pittsburgh
- High-tech companies like Google, Uber and Facebook are relocating core business units there. This has to do with strong engineering programs at schools like Carnegie Mellon.
- Pittsburgh is experiencing one of the biggest shifts in age demographics across the country. As the city becomes "younger" and the workforce more "high-tech," average household income is rising. This has a direct impact on home values.
- The City has 88 distinct neighborhoods, each with its own "downtown" strip. These downtown areas provide a great starting point for gentrification as the infrastructure is already in place and ready for upgrades.
- In addition to the new high-tech jobs, the city has strong roots with banking, health care and a new "right-sized" heavy industry.
- The City government seems to have a positive relationship with local developers and has established programs to encourage and enable sustainable development.
In summary, there are a lot of tailwinds blowing in Pittsburgh's favor. The combination of job growth, human capital, cost of living and functional government gives us reason to believe Pittsburgh is a core market we're excited about growing.
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