Buying a home in Delaware County is getting harder, even as the rest of the country catches a break.
While affordability improved across most major U.S. housing markets this spring, the Delaware County and Philadelphia area is moving in the opposite direction.
According to a recent Redfin analysis highlighted by Michaelle Bond in The Philadelphia Inquirer, buyers here now need to earn $85,541 a year to comfortably afford a typical home, nearly 6 percent more than last year.
Among the nation’s 50 biggest metro markets, only San Francisco saw a steeper climb.
The numbers reveal a stubborn affordability gap. The median household income in the area sits at about $75,254, roughly $10,000 short of what’s needed.
Using a standard benchmark of spending no more than 30 percent of income on housing costs, the typical Delaware County buyer is already over the line, dedicating about 34 percent of their income just to keep a roof overhead.
The median home sale price of $309,000 in April may look modest compared to coastal giants like New York City or Los Angeles, but it’s the combination of relatively lower local wages and steadily rising costs that’s quietly squeezing buyers out of the market.
Meanwhile, nationally, more inventory and stabilizing prices gave buyers in most cities some much-needed breathing room, making Delaware County’s trend all the more striking by comparison.
Read the complete analysis in The Philadelphia Inquirer to see how Delaware County stacks up against other major markets across the country.
_______
