Celebrities flocking to New Hope are driving up real estate prices, making it unaffordable for many who had hoped to call this quiet hot spot home, writes Julie Gerstein for Realtor.com.
The interest in New Hope is partly due to its location, which is roughly halfway between New York City and Philadelphia. People are also drawn to its burgeoning arts scene and its laid-back vibes that landed it the Most Hippie Town in Pennsylvania designation several years in a row.
The trend began when supermodel sisters Gigi and Bella Hadid, along with their mother, reality television star Yolanda Hadid, purchased a farm in New Hope for $3.7 million in 2017. Since then, many celebrities have followed – and so have the rising prices.
Currently, the median home prices in New Hope are hovering around $1.3 million. Meanwhile, the top five percent sales price is around $2.75 million and the top ten percent is around $2.38 million.
While those numbers are out of reach for many, New Hope has an average household income of $210,573 and over 19 percent of households earn over $500,000.
Read more about rising real estate prices in New Hope in Realtor.com.
