Pittsburgh is a hot spot for Millennials according to a new study conducted by Pew Charitable Trusts. The research shows an increase in the number of residents under the age of 35.
It seems that college graduates are flocking to the Steel City. Although the overall population of Pittsburgh fell between 2000 and 2014, the number of individuals between the ages of 22 and 35 by more than fifty percent.
Many experts believe that young professionals choose the Steel City over other regions on the East coast because of its technologically driven corporate sector. Uber is a major company that was drawn to Pittsburgh because of local universities’ development of robotics. The University of Pittsburgh and Carnegie Mellon University have significantly impacted the manufacturing industry with techniques that are more efficient.
Pittsburgh is also a place where entrepreneurs can thrive. The real estate market is affordable enough for millennials to purchase commercial property. “That’s why people move from let’s say Silicon Valley to Pittsburgh or Akron [OH],” says the study’s expert, Antoine van Agtmael. Unlike technologically driven areas on the West coast, where the cost of property is well into the millions, Pittsburgh is an area where living in a digitally advanced hub does not come at a high price.
Does the influx of millennials indicate a seller’s market in Pittsburgh? Quite possibly, yes. More young adults taking up residence in the city requires more vacant homes. Homeowners who decide to sell within the next few years may find themselves in the pleasant position of solving bidding wars over their property.
With more millennials taking an interest in the region, now is the perfect time for you to sell your house fast. Caymus Realty Solutions is your alternative to traditional real estate services. We pay cash for houses and offer fair market value for homes. Learn more about our services here.