Philadelphia One Of Top Cities Where Residents May Get Priced Out Of Affordable Homes, Study Finds
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PHILADELPHIA (CBS) — In a market where finding affordable housing in a big city is a struggle, a new report has confirmed that it might be even more difficult for Philadelphians. SmartAsset, a financial tech company, compiled data to rank the housing markets where residents are getting priced out of affordable housing.
On the list, Philadelphia ranked sixth out of the ten identified cities. At the top of the list was North Las Vegas, Nevada and, at the bottom, was San Antonio, Texas.
Researchers looked at 56 affordable housing markets and found that relative price of the average home is on the rise in 43 of those cities. However, the average household income was also on the rise.
"Philadelphia is an exception, though. The median household income is actually down from 2016 to 2017, while median home values are a bit up," researchers found.
"The sum of these two changes means homes are now less affordable for the average household. In fact, the average home is now worth over 4 times the average household's income," they add.
The City of Brotherly Love was sandwiched between Gilbert, Arizona, and Jacksonville, Florida.
