Philadelphia, PA variant. This is a Philadelphia, PA-specific version of the Home Affordability Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Home Affordability Calculator.
Affording a home in Philadelphia pits the $60,302 median income against a $235,000 median price - a price-to-income ratio of 3.9x.
Can you afford Philadelphia?
The 28% rule caps housing at $1,407/month on the local median income, supporting roughly $278,263 in price - versus the $235,000 Philadelphia median.
Philadelphia is relatively attainable on the local median income.
About Philadelphia, PA
Philadelphia imposes a city wage tax on residents and on people who work within the city, adding to the Pennsylvania state income tax.
Philadelphia offers relatively affordable home prices compared with other large East Coast cities, making homeownership more accessible.
Philadelphia's economy is built around education, healthcare, and professional services, with major universities and hospital systems as anchors.
Worked example: max price on $60,302
28% of $60,302 ÷ 12 ≈ $1,407/month supports about $278,263 at 6.5% with 20% down - compared with the $235,000 median.
Quick reference
- Median home value: $235,000
- Median rent: $1,750/mo
- Median household income: $60,302
- Local sales tax: 8%
- City income tax: 3.75%
- Effective property tax rate: 0.95%
- Cost of living index: 105 (US avg = 100)
Frequently Asked Questions
What income do I need to buy in Philadelphia?
To afford the $235,000 median home, you'd typically need well above the $60,302 local median income at current rates.
What is the price-to-income ratio in Philadelphia?
About 3.9x (median home ÷ median income).