How Much Does It Cost To Live In Philly?February 25, 2014 | by Brooke Willmes
How much income do you need to live in Philadelphia? HSH.com recently reported that Philadelphia ranks at #15 in the top 25 cities in the country for affordability. When it comes to purchasing a median type home, Philadelphia sits in the top 15. After three consecutive quarters of increase, home prices have finally dropped in the City of Brotherly Love. The average salary needed to purchase a median priced home is $36,836.47. Philly’s median home price $214,300, which equates to $859.52 monthly principal and interest payment at going interest rates.
Cleveland ranks #1 on the list as affordable. An annual salary requirement of $19,435.17 to required to purchase an average priced home at $122,800.00. Which cities are the most expensive to live in? No surprise: New York City ranks as one of the least affordable cities on this list at #22 with an annual salary requirement of $66,167.27 to purchase a $386,300 home with a $1,543.90 monthly payment.
The most expensive city to live in is San Francsico. The City by the Bay’s average salary is $115,510.06 to purchase a $682,410 priced home with a monthly payment of $2,695.23. San Fransico had the lowest mortgage rate and also saw the largest quarterly decline in increases.
For more information check out http://www.hsh.com to find out what other cities made the list.