You need $75,003 annually to buy a house in metro Philadelphia

The median income in Philadelphia is $56,517 a year, but you'll need to earn $18,486 more than that to comfortably afford the metro area's median-priced home, per a new analysis from Redfin.

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.