The top five most affordable markets for starter homes in the United States in July included the combined markets of Delaware County and Philadelphia County, writes Michaelle Bond for The Philadelphia Inquirer.
High prices, demand and a low housing supply have put even first homes out of range for many local households in half of the United States’ 50 most populous markets, according to Redfin.
But in the two counties, high housing density is creating relative affordability, said Blakely Minton, a Redfin real estate agent who works in Delaware County and Philadelphia.
The combined median household income in Delaware County and Philadelphia is $72,840, so buyers in those counties needed to make $46,059 to afford the $140,000 cost of a median-priced starter home in July.
Nationwide, buyers needed to make $79,252 to afford the record $250,000 price of a typical starter home in July, according to Redfin.
First-time homebuyers are finding creative ways to afford their first home purchase, like renting a bedroom or pooling money between friends or siblings to acquire the property, Minton said.
With first-time buyers often carrying student loan debt they “can’t sink a third of their income into their house anymore,” Minton said.
Read more about starter homes in today’s housing market in The Philadelphia Inquirer.
