How much it costs to buy a starter home in the Philadelphia region
Add Axios as your preferred source to
see more of our stories on Google.
The vast majority of Philadelphia metro starter-home listings are affordable for middle-income households, according to Redfin's latest analysis.
The big picture: Homebuyers are seeing some relief with mortgage rates down, but a shortage of local housing is keeping prices high.
- Attracting first-timers is one reason homebuilders are churning out smaller, less expensive houses.
By the numbers: Philly-area house shoppers in August needed a $44,806 annual income, up nearly 4% from a year earlier, to afford the region's typical starter home — which costs $140,000, per Redfin.
- The region's median household income is $72,742 this year, researchers estimate.
Between the lines: Despite the housing supply remaining low historically, metro homebuyers are seeing more options on the market recently, per the August's housing report from Bright MLS.
- Active listings in the region are up more than 21% since last year, per Bright MLS.
- The tri-state region also is on track to permit more housing units than last year.
What we're watching: Many 2024 voters say home affordability is a top concern.
- Former President Trump and Vice President Kamala Harris have different proposals for tackling it.