Tag: single family home

Buyers Need 40 Percent More Income to Buy a Home in Top Metro Areas: Report

The Center Square

Demand for homes in certain areas of the country has caused supply to dwindle, prices to skyrocket and buyers needing nearly 50% more income than they would have last year to even enter top markets, according to a report by the real estate brokerage firm, Redfin.

“Housing is significantly less affordable than it was a year ago because the surge in housing costs has far outpaced the increase in wages, meaning many Americans are now priced out of homeownership,” Redfin Deputy Chief Economist Taylor Marr said.

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Affordable Housing a Growing Concern Statewide in Pennsylvania, Low Priority in the Statehouse

Admin

Housing costs in Pennsylvania are rising, but the General Assembly has not prioritized the expansion of housing supply as an area of concern. As rents and housing prices rise across the Commonwealth, inaction now could cause pain in the near future.

Housing prices statewide rose by 14% from 2020 to 2021, as The Center Square previously reported, and in central Pennsylvania, apartment rents have increased 40% since 2017. Rents in Philadelphia increased almost 10% in 2021. The Lehigh Valley has had similar pressures, with one-third of households spending at least 30% of their income on rent or mortgages.

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