Data: Point2; Note: Down payment calculated as the minimum amount needed to have an affordable mortgage (<30% of monthly income) for the median-priced starter home in each market, or at least 20% down; Chart: Axios Visuals
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).
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: Insome 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.