How much do you need to make a year to be able to afford the median-priced home in the Philadelphia market?
According to mortgage site HSH.com, that figure is $51,622.40, just a smidge above the nationwide figure of $51,114.62 and good enough to land us in the No. 12 spot among 27 large metro areas HSH surveyed.
The good news? That figure is more than $3,700 lower than it was in the previous quarter, thanks to strong quarterly price declines that moved the region up past Dallas and Houston in the affordability rankings. Currently, the median priced home in this region lists for $213,700.
Mortgage interest rates also dropped a tiny bit from the previous quarter, improving the affordability picture as well.
HSH’s salary calculation takes into account the principal, interest, taxes and insurance payments on a median-priced home and assumes a down payment of 20 percent, or $42,740 in Philadephia’s case. A 10 percent down payment cuts that figure in half but increases the required salary by nearly $7,400.
The most affordable market in the latest HSH survey was also in Pennsylvania: Pittsburgh, the metropolis on the other side of the state.