New research shows Philadelphia, the most impoverished big city in the country, is becoming less affordable. The median monthly rent for a typical apartment in the Philly metro area — which includes the suburbs and places like Camden and Wilmington — was $1,865 during the final quarter of 2024, according to a January report from real estate brokerage Redfin. To afford that, researchers found someone would need to earn $74,600 a year — $15,630 more than the median income for the area. The gap at the national level is closer to $10,000. Read more at PlanPhilly.
Source: PlanPhilly; 2/11/2025