Homebuyer Income Soars: Philadelphia and Delco Lead the Nation in Affordability Struggles!
A Redfin analysis reveals that the income needed to buy a home in Philadelphia and Delaware Counties surged by nearly 6% over the past year, requiring potential buyers to earn $82,447 annually to afford a median-priced home costing $300,000, while the median home price in the region increased by about 9%.
1,000+ New Homes Proposed Near Sixers Arena Amid Affordability Challenges
Philadelphia is debating a new Sixers arena downtown, which could include over 1,000 homes. The original plan for a 395-unit tower is facing opposition, while an additional 720 homes are now proposed. Meanwhile, Redfin reports that the income needed to buy a home in the Philadelphia area has risen by 6%, impacting affordability for local buyers.
Liability Claims Surge Among Pennsylvania Property Owners
According to a study from BiggerPockets.com, Philadelphia has experienced a rise in liability claims, ranging from slip-and-fall accidents to dog bites and lease disputes.
The Rent Squeeze: How Rising Costs Are Impacting Households Everywhere!
A recent report reveals that in 21 states, a majority of tenant households now spend 30% or more of their income on rent and utilities, a significant increase from just seven states in 2019, with Florida, Nevada, and Arizona experiencing some of the highest rates of cost-burdened renters.
Pa. Rental Markets Heat Up: Ranked Among Hottest in the U.S., Report Reveals
The U.S. rental market remains highly competitive, with RentCafe reporting that suburban Philadelphia ranks as the eighth most competitive rental market, and Harrisburg, Pennsylvania, ranks fifth. Despite a slight drop in occupancy rates and an increase in the time apartments stay vacant, competition for units remains intense across many regions.
Governor Shapiro Unveils PA’s First Housing Action Plan
Governor Josh Shapiro signed Executive Order 2024-03, launching Pennsylvania's first comprehensive Housing Action Plan to address the state's housing shortage, expand affordable housing, and tackle homelessness through a coordinated, multi-agency approach led by the Department of Community & Economic Development (DCED).