Pennsylvania housing prices spike 440% over 40 years
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Pennsylvania home prices have spiked more than 440% over the past four decades, according to one analysis of Freddie Mac data.
Why it matters: That sounds bad but we're below the national average of nearly 500%.
The big picture: Housing affordability was among the top issues for voters in this month's election as costs have soared over the past decade.
By the numbers: Pennsylvania's home price gains are relatively modest compared to places like Washington state, which saw the nation's steepest increase between 1984 and 2024, per the analysis of Freddie Mac House Price Index data by journalist Lance Lambert of ResiClub.
- Oregon (699%), Rhode Island (668%) and Massachusetts (664%) followed.
Meanwhile, overall inflation rose 203% in the last 40 years, while median U.S. household incomes rose 233%, Lambert wrote.
Yes, but: Housing affordability is only slightly worse today than in 1984 when you take into account mortgage rates, median incomes and national home prices, per Lambert.
Stunning stat: A 30-year fixed rate mortgage in 1984 was between 13%-15% compared to today where it hovers around 7%.
Zoom in: The Philly region's housing market remains relatively affordable for middle-income households, per an analysis by Redfin.
Yes, but: The city still suffers from a lack of affordable housing that's expected to worsen in the coming years as demand remains high.