The Lion's Den
News & Views About Real Estate in the Greater Philadelphia Area
What Can You Afford As a ‘Middle-Class’ Buyer in Philadelphia?
Today’s Wall Street Journal offers an interesting look at home affordability around the U.S. Not surprisingly, the most affordable cities are located in the Midwest and South, with Akron, Dayton and Toledo leading the list. The data are from a study conducted by Trulia.com. If living in a mid-size Midwest city doesn’t excite you, Chicago looks pretty affordable compared to other major U.S. cities. The median annual household income there of $58,000 means 73% of homes for sale there are affordable for middle-class buyers. In such cities as San Francisco and New York, a mere 14% and 25% of homes for sale, respectively, are affordable for middle-income buyers.
By comparison, 69% of all homes for sale in the Philadelphia real estate market are affordable to mid-range buyers, which Trulia’s research shows as having a median annual household income of $56,701. The median home price in the Philadelphia real estate market is $269,000 but be prepared to live without too much stuff: The median size of these homes is a mere 1,288 square feet.
See the entire Trulia piece here.