Singles take nearly 2 years longer to save for a starter home in Philadelphia
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It takes single people nearly two years longer than couples to save enough money for a down payment on a starter house in Philadelphia, per a recent Point2 study.
Why it matters: We're one of only a few U.S. metros where having a partner doesn't give you a huge leg up.
State of play: It takes a couple 1.8 years here to save for a down payment — but if you're single, it takes an average of 3.4 years.
- The study assumes people are saving 20% of their income for a down payment.
The big picture: Philly's gap (1.6 years) is well below the national average (6.3 years).
Between the lines: The city has a relatively affordable housing market where it's cheaper to own than rent but also faces an affordable housing shortage amid low inventory, plus higher prices compared to pre-pandemic times.
By the numbers: The median income for singles here is $33,932 compared to $65,054 for couples, per Point2 data.
- Starter homes cost $116,086 on average.
Zoom in: Philly ranks 11th among cities analyzed by Point2 with the smallest difference in years needed to save up for a home for singles compared to couples.
- Topping that list is Toledo, Ohio, and Detroit.
Zoom out: In some parts of California, it would take the average individual more than two generations to save enough money for a starter home compared to two or three decades for couples.