Interest rates have been steadily rising along with growing home prices, and now Philadelphia-area homeowners need to bring in additional income, reports Ryan Mulligan for the Philadelphia Business Journal.

According to a Redfin report, 17% more income is needed for Philadelphia-area homebuyers to make their typical monthly mortgage payment, and that is on the lower side across other major Metro regions in the United States.

The increase is the second lowest in the U.S. among the top 50 metros, behind Pittsburgh.

Prospective homebuyers in the Philadelphia area need to earn approximately $49,000 per year in order to make regular mortgage payments on a typical house in the region, which is a rise from the $42,000 that homebuyers needed previously in March 2021. 

For Montgomery County specifically, soon-to-be homebuyers would have to make around $75,000 to make a typical mortgage payment each month, which is a 23.7% increase over the previous March.

Across the U.S., the area that needed the most income were in the Sun Belt, according to Redfin. Tampa’s typical monthly mortgage payment rose to $1,684 in March up from $1,139, an increase of almost 48%, needing an income of $67,300.

Read more about rising home prices and income needed in Montgomery County at the Philadelphia Business Journal.