Morning Headlines: Philly Housing Market Is One of The Best For Millennials
Affordable places with positive job outlooks are what millennials are looking for, says a new report by RealtyTrac. Well, yeah. But where exactly are these mystical Generation Y-friendly areas with supposedly “good job prospects”? And do we live near one?
Short answer: Yes. Philly is in the top 5.
After zeroing in on counties where “at least 24 percent of the total population” consists of people born between 1977 and 1992, and “where the millennial population increased between 2007 and 2013,” the real estate website found average median income earners in Philadelphia would have to spend less than 15% of their income on a home.
There is, however, a little adjustment that may account for the county’s high ranking. From Philly.com:
But the study also factored in Camden and Wilmington as part of its “metro area,” which could be the reason for the lower incomes and home prices. According to RealtyTrac, the region’s median home price in April 2014 was $81,675, and the median household income was $35,801.
In any case, with renting and homeownership slowing down in the area (and Wynnewood suddenly emerging as a suburban renter’s dream), it’s nice to think the area might entice the next generation of buyers.
Moving onto news elsewhere…
• With Demolition Likely, RIP Dewey’s Famous [Hidden City]
• Bucolic Bucks bridge could cost nearly $800K to repair [Courier Times]
• New townhome project, Haverford Walk, approved in Lower Merion [Main Line Times]