The typical Philadelphia-area renter household makes about $22,300 less than needed to afford the typical asking rent for an apartment, according to a report by the online real estate brokerage Redfin. In the Philadelphia metropolitan area, just 35% of renter households make enough money — $77,900 — to pay $1,948 a month, the median price of an apartment for rent this spring. Nationwide, 39% of renter households make enough money, according to a report Redfin published last month. The analysis looked at asking rents in March, April and May for newly listed apartments in buildings with five or more units. The report considered rents affordable if a renter household would spend no more than 30% of its monthly income on rent, a widely used measure of affordability.
Source: Philadelphia Inquirer; 7/1/2024