Philadelphia named one of the healthier housing markets

Comparing the real estate market in 25 of the largest metropolitan areas, WalletHub placed Philadelphia in ninth place overall.

Using 10 key metrics, WalletHub rated each market on a variety of standards.

For equity levels, Philadelphia tied for fifth with San Antonio overall, with each boasting 36 percent, with the national average being 30 percent. This metric measured the current equity as a percent of the home’s value, according to WalletHub.

Philadelphia was also under the national average for mortgages with less than 0 percent equity. The national average is 15.12 percent, and Philadelphia’s average is 10.67 percent, or ninth out of the 25 cities reviewed.

The city also fell below the national average on the interest rate on a first mortgage, with 4.64 percent versus the national average of 4.71 percent. That landed Philadelphia in ninth place overall in this metric.

Philadelphia is also a popular city for first-time homebuyers, and rightfully so. Four percent of households received assistance through state or local government programs for their first mortgage. The national average is 4.45 percent.

The report considered the following metrics when determining the overall rating: equity level, “underwater” mortgages, “precarious” mortgages, down payment percentage, remaining time until financial freedom, mortgage costs, easy mortgages, first-time home-buyer assistance, access to home equity lines of credit and access to lump sum home equity loans.

According to WalletHub, the top five healthiest housing markets currently are: Boston, MA; Oklahoma City, OK; San Antonio, TX; Northern New Jersey, NJ; and Hartford, CT.