RealtyTrac. reports as #5 most affordable housing market for Gen. Y buyers, according to recent study results.
Research analyzed percentage of income needed by median earners, in order to purchase / rent median priced homes. In Philadelphia, buyers allocate 14.06% of income for current living situation. Median home price [as of April 2014] estimated $81,675, while median household earnings reported at $35,801. The is rapidly growing, and increased 25% from 2007 – 2013. Reports cited “good job prospects” & “less-expensive alternatives to ‘hipser havens’ [ex. Brooklyn, NY] on the coasts,” as millennial reasoning for urbanization locally.