Mortgage Woes: See How Much Deeper Delco Homeowners Will Have to Pay

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A tiny model house and house keys. symbolizing home ownership and mortgage payments.
Image via Tierra Mallorca on Unsplash.

Better ask for a raise because it will take 17% more income this year to make that monthly mortgage payment, according to a new Redfin report.

And that’s one of the lowest increases for major metropolitan regions in the U.S., writes Ryan Mulligan for Philadelphia Business Journal.

Mortgage rates, and monthly payments, have increased because of a rise in housing prices and interest rates.

Nationally, the average year-over-year increase in March was more like 24.2%, Redfin reported.

The Philadelphia market increase is the second-lowest in the U.S. in the top 50 metros.  Only Pittsburgh’s was lower.

Locally, the median home sales price over the last year jumped 2.3%.  National, home values increased 17.3%.

The median mortgage payment in the Philadelphia area in March was $1,227 per month, on a home with 5% down. That number is up 17.1% from $1,048 a year ago.

Buyers in the Philadelphia area need to earn just over $49,000 per year to make regular mortgage payments on a typical house in the region. That’s up from the nearly $42,000 that homebuyers needed in March 2021.

Redfin did not include Montgomery County in its data and tracks the county separately.

Read more at the Philadelphia Business Journal about mortgage payment increases.

CNBC talks to Coldwell Banker about rising mortgage rates and the spring housing market.

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