Five counties in Pennsylvania were named to the top 10 list of U.S. counties where the lowest annual wages are required to afford a typical home.
According to ATTOM Data, Schuylkill County, Fayette County, Cambria County, Blair County and Mercer County are some of the most affordable places to buy a home in the U.S.
With a national average wage of $64,857, homeownership costs are taking up nearly 25% of that, according to the report, as the national median home price rose to $315,500. The report found that homeownership is affordable in 53% of counties, but unaffordable in 47%, that is it takes up more than 28% of a consumer’s wage, which is typically where lenders draw the line at.
However, for areas in Pennsylvania, residents could have lower-paying jobs and still be able to afford homeownership. In Schuylkill County, the annual income needed to buy a median-priced home is $15,834, as the median home price is $80,000. In Fayette County, consumers need to make $16,497 to be able to afford the median home price of $94,000. Cambria County potential homebuyers would need to make $16,895 to buy a home priced at the median of $86,000.
Blair County buyers would need to make $20,711 to be able to afford the median home price of $135,000 and in Mercer County, you would need to make $22,153 to buy a home priced in the median range at $110,200.
All of the statistics include a 20% down payment and homeownership expenses coming in under 28% of the total income made.