I’ve started two blog posts about different types of mortgages but there is just so much information to include, it’s been hard for me to complete. Still working on it!
In the meantime, I thought I’d talk a little bit about the area of Pittsburgh known as Regent Square. This little area East of Frick Park is a very hot real estate market. It has a business district, its walkable, it has Frick Park. I love it (and would love to move there 🙂 ) But Regent square is also a unique area of Pittsburgh because it is not its own municipality.
The area outlined in orange on the map below is Regent Square according to Google.
Regent Square is made up of parts of Swissvale, Wilkinsburg and the City of Pittsburgh. This means that depending on where you live in Regent Square, your real estate taxes (and income tax) could vary wildly. The school district also varies depending on the part of Regent Square.
In terms of real estate taxes, the total millage for the 3 municipalities that make up Regent Square are:
- City of Pittsburgh: 22.63
- Wilkinsburg: 48.23
- Swissvale: 38.08
As an example, if you were buying a house for $250,000, here is what your total annual real estate taxes would be in each of these areas:
- City of Pittsburgh: $5,657
- Wilkinsburg: $12,057
- Swissvale: $9,520
These are big differences! This difference in real estate tax greatly affects the value of real estate here. In my experience, a house in the city of Pittsburgh portion of Regent Square will be worth more than a similar house in the Wilkinsburg or Swissvale portion. The real estate taxes make a big difference in what people can afford. Your mortgage payment would be significantly different depending on the area.
In the city of Pittsburgh, you would be paying $471 per month toward the real estate tax portion of your mortgage payment. If you were in Wilkinsburg, the real estate tax portion of your mortgage payment would be $1,004.
Just to be a little more clear, if you took out a mortgage for $250,000, here is an estimate of what your mortgage payment would be. (Principal+Interest+Taxes) (Using an estimated interest rate of 4.25% and not including home owner’s insurance)
- City of Pittsburgh: $1,701/month
- Wilkinsburg: $2,234/month
- Swissvale: $2,023/month
And just a quick note about schools: Wilkinsburg is Wilkinsburg School Disctrict, Swissvale is Woodland Hills School District and the City of Pittsburgh portion is Pittsburgh Public Schools.
You can check the municipality of a particular house on the Allegheny County Assessment Site. (I bring up that website on pretty much every post…but it’s really full of useful information). Search for the address and then on the General Information tab, it will list the municipality. The one below is 14th Ward – Pittsburgh.
Hope that is helpful to you! I think it’s pretty interesting information. I also recently found out about an area of Pittsburgh near Regent Square that is called Park Place?! Who knew??