Buying a home in the Philadelphia region last year was slightly more affordable than in 2023, but prices were still too high for many potential buyers, writes Michaelle Bond for The Philadelphia Inquirer.
While home prices were lower in the region than across the country as a whole, 2024 was still the second-least affordable year to purchase a home in at least twelve years, according to a report by Redfin.
Nationwide, a household earning the typical income would have had to spend around 42 percent monthly to afford the typical home for sale in both 2023 and 2024.
In the Philadelphia region, the typical household would need to spend around 33 percent of their monthly earnings to afford the typical home for sale last year – less than the national average but still unaffordable for many.
In the region defined by the report as Philadelphia and Delaware Counties, the median household income last year was $72,681, while the median home sale price was around $281,162.
The monthly housing payment was $1,985. In the Montgomery, Chester, and Bucks Counties region, the median income was $123,187, with a median sale price of $477,997 and a monthly payment of $3,429.
Read more about home prices in The Philadelphia Inquirer.
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