Philadelphia Housing Market Stays Relatively Affordable While Others Soar Out of Reach

The Philadelphia metro area is one of the most affordable major housing markets in the U.S., with typical households needing to earn $73,182 to afford the median home price.

Nationally, household incomes are about $29,000 less on average than needed to afford a typical home, according to Redfin data.

Lack of new housing construction for over a decade has constrained supply and driven up home prices significantly.

Mortgage rates have risen sharply from 2020 lows, adding hundreds of dollars to monthly payments and impacting affordability.

Several California metro areas top the list of least affordable markets, with San Francisco requiring a $382,576 annual income to buy a median-priced home.