Will Pennsylvania continue to be one of the most affordable states to buy a home through the next decade?
A new study predict yes, Pennsylvania will. According to RenoFi, if housing prices continue to accelerate at the same speed they did from 2010-2020, by 2030, Pennsylvania will remain one of the most affordable states in the country, landing in 38th place out of 50 states for housing price affordability. Over the past 10 years, home prices across the U.S. have grown nearly 50%, with the average home price increasing from $173,000 to $257,000 in 2020. However, the growth in Pennsylvania is slower than the national average, and it is predicted that the average home price in 2030 in the Keystone State will be $250,149, which is still below the current U.S. average.
Projecting by city, Philadelphia was the only Pennsylvania metro named, and it’s considered to be the 40th out of 50th most affordable city, with home prices expected to hit $266,694 by 2030.
The COVID-19 pandemic influenced housing prices, with some places seeing record high prices. In Pennsylvania, housing prices jumped up 3.02% during the pandemic. Philadelphia specifically saw a 5.32% increase, but again, it is expected to remain an affordable metropolitan throughout the next decade.
Not surprisingly, homes in California, Hawaii and Washington are expected to be the most expensive by 2030, with the average home prices expected to top over $1 million in California. West Virginia, Mississippi, Arkansas and Oklahoma are anticipated to be the most affordable places to buy a house in the next decade.