Homes are edging toward even more affordable levels in the Northeast’s most affordable city to live, according to a Philadelphia magazine report by Sandy Smith on the latest affordability data from HSH.com.
The annual salary you’d need to buy a median-priced home within the Philadelphia metro area dropped $314 over the last quarter to $53,108. That assumes you’re spending 28 percent of your income on a $1,239-a-month mortgage you got for 30 years at 3.57 percent interest with a 20 percent down payment to buy a home priced at $234,800.
Of the nation’s 27 largest cities, Philly ranks 13th among the most affordable, with its nearest competitor along the Eastern seaboard just south in Baltimore, where you’d need to earn $56,837 to buy a median-priced home there.
The honor of most affordable across the entire country lies on the other end of the Pennsylvania Turnpike, where Pittsburgh residents need just $32,390 to buy a median home. San Francisco is the least affordable at $161,948.
Read more about the affordability of homes in Philadelphia magazine here.