November 15, 2016
Looking to buy a house in Philadelphia? You need to be making more than the rest of the country in order to afford one, according to one newly released report.
HSH.com, a website that publishes mortgage and consumer loan information, released its analysis Monday showing the yearly salary needed to afford the base costs, including principal, interest, taxes and insurance, for a median-priced home in 27 U.S. cities.
The report found that those living in the Philadelphia metro area, which includes Camden and Wilmington, need to be making $53,107 to afford a home, while the salary needed nationally is listed at $51,985 during the third quarter of the 2016 fiscal year.
The equation considers a 30-year fixed mortgage rate at 3.57 percent with a home priced at $234,800, the Philadelphia metro area's median price for a home, with a monthly payment of $1,239.
The report found that if homebuyers put down 10 percent instead of 20 percent, they would need a salary of $60,986.
Compared to this time last year, home prices increased by just 0.04 percent, one of the smallest increases on HSH's analysis.
Philly is the cheapest East Coast city to buy a home, according to the report.
Those living in Baltimore need to be making $55,934, while the report found that New Yorkers need to be making $85,488. Bostonians should be making about $86,053, according to the report.