drbubb Posted April 29, 2017 Author Report Share Posted April 29, 2017 New York, DC home buyers eye Philly for next move, report says Apr 28, 2017 A new Redfin report finds that New Yorkers and Washingtonians were most likely to search for homes in Philadelphia than their own hometowns. 1 comment: Philly has some obvious draws for New Yorkers and Washingtonians, namely lower median home prices. For example, according to Redfin’s own data, Philly’s median home price was 59 percent of the $375,000 paid for a typical home in D.C. in March. Also, Philly is just two hours from either city, so commuting to NYC or D.C. while living here isn’t completely out of the question Philadelphia Real Estate Market Reports Report: It’s 50 percent cheaper to buy than rent in Philly Philly home prices: Price ranges in various neighborhoods right now Report: Philly is number one in walkability and new construction Report: Philly is the best place for millennials right nowApr 27, 2017 Young adults are more likely to own homes and make more money than their older peers in Philly than any other U.S. city. Report: Philly’s home inventory dropped 32 percent in last five yearsA new report by Trulia reveals that the lack of affordable and available homes for sale is making it a really tough market for first-time homebuyers. / 2 / The state of Philly’s housing market, in five chartsPew’s latest report reveals some eye-popping stats about housing in Phillyby Melissa Romero; Apr 7, 20171. Median housing prices have risen and home sales hit a major milestone in 20162. There were more home sales in 2016 than any year post-Great Recession.3. There’s still a big need for affordable housing (But dropped from 77,694 in 2014 to 42,886 in 2016)4. The rent is "too high", even for Philly - with 56.4% paying at least 30% of Income in Rent5. Homes in Philly are “substantially” more affordable than in other cities("Salary needed" of $53,422 is very Near the US mean of $52,699; but well below the costsin other East Coast cities, such as: 39% below Boston, 35% below Washington, and 6% below Baltimore.But is +65% above Pittsburg and +39% above Detroit.) "You don’t have to earn the big bucks to be able to afford a median-priced home in Philly—that’s the good news. The bad news is that although you need $53,422 to be able to afford to buy here, the city’s median income is $41,233.However, that number has been growing steadily in recent years. The researchers write, “Over the last two years, Philadelphia’s median income has grown faster in percentage terms than those of all of the comparison cities, with the exception of Washington.” ==> Charts, etc.: http://philly.curbed.com/2017/4/7/15209526/philadelphia-housing-rental-statistics-pew-report === === It is not surprizing to see the rising interest in Philly from neighboring cities, given: + Lower prices, and higher yields, + Decent jobs for young people, and their consequent ability to buy their first home there + Meantime, the quality of the Philly lifestyle is constantly improving in many ways Link to comment Share on other sites More sharing options...
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