Sorry, food-service workers, but it looks like you can only afford 6.4 percent of real estate listings in Philadelphia, at least according to Zillow's latest report. While assessing how affordable homes are for different occupations in different areas of the U.S., the real estate website discovered that because food-service workers make a median salary of $11,000, they can only afford a home of up to $55,000. For construction workers, though, with a median salary of $32,000, they can afford 22.8 percent of listings in Philadelphia, or any home up to $157,000. For median income-earning teachers making up to $49,000 a year, they can afford any home up to $239,000, so 45 percent of the listings on the Philadelphia market. For firefighters, they can afford homes up to $359,000 because of their median $73,000 salary. That means that firefighters can afford 69.7 percent of listings in Philadelphia. Finally, if you're wondering what kind of occupation will help you afford almost any home on the Philly market, that would be lawyers and judges. With a median salary of $116,000, they are able to afford homes up to $566,0000.
According to Zillow, the data was compiled by measuring the median income of different occupations by using data from the U.S. Census Bureau and then calculating the maximum home price that the typical worker in each occupation and each metro could afford. A few assumptions were made to create the data. These assumptions include that the homeowner purchased with 20 percent down using a 30-year, fixed rate loan at a 4 percent interest rate.
· Occupation, Location & Preference: Why an Affordable Home to Me may not be Affordable to You [Zillow]