Nearly 81% of housing markets in the U.S. became more affordable in 2019 – and Allentown made the most progress.
A recent realtor.com® report found that affordability is growing across the country. In Allentown, the median home list price is $224,950, which is nearly 40% lower than the national median price of $312,200. Additionally, 59% of homes are affordable to those earning at least the median income. This is a 14% increase in home affordability year-to-year.
“The Leigh Valley area, including Allentown, is a huge space between major metropolitan areas,” said Greater Lehigh Valley Realtors® President Jack Gross. “There have been a lot of new jobs, attracting more people to Lehigh Valley.”
In addition to jobs, Gross also said the area is “wonderfully diverse” and boasts “a lot of cultural and entertainment growth.”
A report earlier this year found that many millennials are buying in Allentown, thanks to its affordability. The homeownership rate of millennials in Allentown is at 47%.
“Compared to areas around us, our taxes are favorable,” said Gross. “I haven’t seen a decreases in home prices, but I would say compared to other areas, like northern New Jersey and Bucks County, our home prices are significantly lower. We have a lot of commuters to Philly and New York.”
“Over the past couple of years, I have definitely seen consistent growth in our area in the housing industry,” added Gross. “Inventory continues to be a struggle, like it does across the country, but it’s still affordable. I think we will see more of the same in 2020 for Allentown.”