You need $75,003 annually to buy a house in metro Philadelphia
Why it matters: Americans haven't felt this discouraged about home buying in decades.
Zoom in the numbers: The metro's median home price was $275,000 in August, per Redfin's data.
- A Philly household would need to earn $75,003 a year to afford that monthly mortgage payment, per Redfin.
- Mortgage rates continue to hover around 8%.
Zoom out: Philly's median income is far lower than the entire metro area's — $84,123 — which includes parts of New Jersey, Delaware and Maryland.
Of note: Median incomes for the metro area are higher and above what's needed to afford the median priced home.
Yes, but: Philly's metro remains relatively affordable compared to nearby areas.
- The median home-sale price in Montgomery County was $479,900 in August, $533,140 in Frederick, Maryland, and $335,000 in Camden, New Jersey, per Redfin.
The big picture: The median income in the U.S. is $75,000 a year, but you need $114,627 to afford the typical home.
More Philadelphia stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Philadelphia.