Philadelphia Ranks Among Top Five Metro Areas with Best Housing Affordability
The Philadelphia area is one of the rare major metros in the United States where households do not need to make six figures to be able to afford a typical home, writes Michaelle Bond for The Philadelphia Inquirer.
According to Redfin’s recent analysis of the 50 most populous U.S. metros, the Philadelphia area has the fifth-lowest income needed to purchase a home.
A typical household in the region that is defined as Philadelphia and Delaware Counties by Redfin needs to make $73,182 to afford a median-priced home. This is slightly higher than the median household income of $72,933.
While the region remains affordable, it is still becoming more expensive. A typical household needs to make roughly $9,500 more than it did last year due to the rise in home prices. In February, the median price of a home in the Philadelphia metro was $255,000, which is 8.5 percent higher than at the same time the previous year.
Homes are becoming less affordable due to the lack of inventory and a rise in mortgage interest rates, which can add hundreds of dollars to monthly housing payments.
Read more about housing affordability in Philadelphia and surrounding areas in The Philadelphia Inquirer.
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