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U.S. housing costs rising faster than income; average Pa. price up $60k in 10 years
Dawn Ouellette Nixon//April 19, 2021
U.S. housing costs rising faster than income; average Pa. price up $60k in 10 years
Dawn Ouellette Nixon//April 19, 2021//
Housing costs are rising faster than income in America, according to a report from LendingTree, a North Carolina-based lending and insurance marketplace company.
Over the last decade, the report showed, the median price of a home in the United States is up 70% while the median income is up less than 30% over that same period.
Here in Pennsylvania, the median income in 2012 was $51,904, while today it is $63,463. The median price of a home, on the other hand, has risen from $157,000 in 2012 to $217,000 today.
With no other expenses, according to the report, it would take the average Pennsylvanian 3.4 years to pay for a standard home in the state.
Locally, realtor Scott Harrington of Coldwell Banker Heritage Real Estate in Bethlehem believes the law of supply and demand is behind the numbers.
“Historically low numbers of real estate inventory have greatly contributed to the rise in housing pricing,” he said, “furthering the disparity between housing costs and income, and resulting in extraordinary competition among home buyers.””
