Philadelphia is Northeast’s Most Affordable City to Live

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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.

Graphic courtesy of HSH.com.
Graphic courtesy of HSH.com.

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.

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