The Philadelphia region has been ranking high in market trends lately, from low mortgage rates to top suburbs for renters. Now there’s another one to add to the list: an affordable place for millennials to buy.
Philadelphia has been named the No. 5 most affordable housing market for Generation Y, according to a recent study by RealtyTrac.
The real estate website analyzed the percentage of income needed by median income earners to purchase or rent a median priced home. In Philadelphia, a buyer would need to spend 14.06 percent of their income, according to the study.
But the study also factored in Camden and Wilmington as part of its “metro area,” which could be the reason for the lower incomes and home prices. According to RealtyTrac, the region's median home price in April 2014 was $81,675, and the median household income was $35,801.
In general, the study found the population of millennials in the area is growing. From 2007 to 2013, there was a 25 percent increase of this demographic in the region.
Richmond County in Georgia topped the list of affordable counties. Other states that had at least two counties on the list include Maryland, North Carolina and Nebraska.
RealtyTrac staff said in the study that these areas are attractive to millennials because of “good job prospects” and for a “less-expensive alternative to the high-priced hipster havens on the coasts.”
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