To buy median-priced Delaware County homes in these two ZIP Codes, you’re going to need an annual salary of $200,000, writes Joanne Drilling and Ryan Mulligan for Philadelphia Business Journal.
That’s despite a recent drop in mortgage rates.
There are nine ZIP codes in the Philadelphia metro area requiring at least $200,000, according to a Zillow Group Inc. and RocketMortgage analysis.
Villanova and Gladwyne are the region’s most expensive ZIP codes. Median home values were over $1 million as of November. Villanova homebuyers would need an annual salary of at least $307,100.
The good news is that after Villanova, there is a steep drop-off in the next most expensive Delaware County ZIP code. Haverford’s 19041 ZIP code has a median home value of $990,308, requiring an annual salary of more than $234,000.
Housing affordability has been impacted by surging home prices, limited inventory, and rising interest rates.
Nationally, you would need at least $100,000 to afford a home in 25 percent of the more than 23,000 ZIP codes included in the analysis.
The median national household income was $74,580 in 2022.
Find out more about what salary you would need to afford Delaware County homes and other homes in the region in the Philadelphia Business Journal.
Editor’s Note: This story first appeared on DELCO Today in January 2024.
