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Higher Closing Costs Do Not Make Housing More Affordable

Pittsburgh Realty Transfer Tax May Be Increasing

  • 13 July 2016
  • Author: Jeff Zirngibl
  • Number of views: 3046
  • 0 Comments

Recently, certain organizations have suggested increasing the City of Pittsburgh’s realty transfer tax by 33%. Higher costs do not make it easier to buy a home and indirectly increases rental rates.

The City of Pittsburgh already has the highest realty transfer taxes in all of western Pennsylvania, making it difficult to compete with surrounding suburban locations.

According to a recent survey by the Mortgage Bankers Association, 64% of those surveyed felt that savings needed to purchase a home was the top issue for first time home buyers. Substantially increasing those costs would not make it more affordable.

The REALTORS® Association of Metropolitan Pittsburgh strongly supports affordable housing but it is self-defeating to place the cost on the backs of the real estate consumer.

The City of Pittsburgh and the Urban Redevelopment Authority (URA) already own between 13,000 and 22,000 properties.  Would it not be nice to see some of them back on the tax rolls?  Maybe they could help cure the affordable housing problem.

For more information about this issue, please contact Matthew Vermeire, Government Affairs Director, at 412-563-5200 ext 15 or via email.

 

 

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Pittsburgh, PA 15226-1101

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