According to an analysis of a RealtyHop study, homebuying power in the Philadelphia metro area decreased nearly 65% from 1970 to 2022. Homebuying power is defined as the ratio of annual income to average house price. Housing has become 2.83 times more unaffordable for families in Philadelphia, as home values skyrocketed from $10,600 in 1970 to more than $215,000 in 2022. It’s worth noting that mortgage rates were in the double digits in the 1970s and ’80s, and today hover around 7%. Read more in Axios Philadelphia.
Source: Axios Philadelphia; 6/11/2024