Schuylkill, Cambria, Mercer and Fayette counties require some of the lowest annual wages to afford a median-priced home in the U.S.
According to ATTOM Data Solutions, affordability for median-priced single-family homes and condos in second quarter of 2022 is below historical averages in 97% of counties in the nation. This is up 28% year over year and the highest point in 15 years. In the second quarter, the average wage earner would have to spend 31.5% of their income to afford a median-priced single-family home, as home prices continues to hit historic highs and mortgage rates climb above historic lows, reaching above 5%.
With an average household income of $67,587, the average consumer is struggling to spend just 28% of their wages on homeownership, which is the typical level lenders abide by.
However, there is some relief for homeowners throughout Pennsylvania. In Schuylkill County, buyers only need to spend 10.2% of annualized weekly wages needed to buy a home, where the average household salary is $17,595. In Cambria County, buyers only need to spend 12.9% to afford the average a home. The average household salary there is $20,171. In Mercer County, where the average salary is$23,255, buyers need to spend 13.6% to afford a home. In Fayette County, buyers who make $23,638 annually can also afford homeownership. Mercer and Schuylkill counties were also cited for having two of the best affordability indexes this past quarter.
For those looking for bigger cities, Pittsburgh offers the lowest percentage of wages needed for homeownership at just 17.4% of the average salary, while buying in Philadelphia County will take up 19.1% of the average salary.