With home prices still on the rise, it is becoming more challenging for many prospective buyers to afford a home in Greater Philadelphia’s most expensive ZIP Codes – many of which are in Montgomery County, write Joanne Drilling and Ryan Mulligan for the Philadelphia Business Journal.
In Gladwyne (19035), where the median home value is $1.35 million, the minimum required annual income to be able to afford the corresponding mortgage is $336,500.
Since last year, the median home value in Gladwyne jumped by six percent, making it the most expensive ZIP Code.
The typical home value in Villanova (19085) is $1,316,886, eight percent up from the previous year. To afford the mortgage payments, the minimum annual income is about $329,000.
In Haverford (19041), the third most expensive ZIP Code in the region, prospective buyers need an annual income of nearly $248,000 to afford the ZIP Code’s $991,000 median home value.
Meanwhile, Gwynedd Valley (19437) which is also in the top five most expensive in the region taking fourth place, requires an annual income of nearly $242,000 for a typical home with a value hovering around $968,000.
Other Montgomery County places that made the list include Merion Station (19066) with a required annual income of $236,575, Bryn Mawr (19010) with $197,656, Narberth (19072) with $185,505, and Wynnewood (19096) with $179,630.
Read more about affording a home in the most expensive ZIP Codes in Greater Philadelphia in the Philadelphia Business Journal.
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