Philadelphia and its surrounding suburbs are one of the 25 most-expensive metro areas to buy a home in the country, a report released this month says. Philadelphia residents and those in the suburbs must make at least $56,194.50 to buy a home for the area's median sale price of $238,900, according to the website HSH.com, which tracks mortgage rates.
That makes the City of Brotherly Love and its suburbs the 24th most-expensive place to buy a home in America.
That's a relative bargain if you consider that nearby, in the New York City metro area, residents need to make nearly $100,000 to buy a home for a median sale price of $419,100.
The country's most expensive metro area is San Jose, California where the median sale price is $1.165 million. You need to make at least $216,181.25 a year to be able to afford a home there.
In fact, the top four most-expensive metro areas were all in California. San Francisco was second, with a median home price of $900,000. In San Diego, you need to make $116,119.96 to afford a home at the median sale price of $607,000. Los Angeles was the fourth-most-expensive metro area, with median prices at $595,100.Subscribe
In the Northeast, in addition to New York City and Philadelphia, Boston, Providence and Hartford are among the nation's most expensive metro areas. Baltimore and Washington D.C. were also included.
The most affordable metro area to buy a home?
That would be the Pittsburgh area, with a median home price of $146,000, well below the national average of $254,000, and a salary requirement of $35,205.49.
The national average required salary is $55,390.57.
(Lead image via Pixabay)