According to the Pennsylvania Association of Realtors, the housing market in 2006 is not drastically different from 2005. They forecast that the state and national economies will continue to grow, though at slightly slower rates. Thus, the rate of home sales in 2006 will be slightly lower. Lenders will be a little more cautious in their home purchase lending, and interest rates will be slightly higher. Do not let this information deter you from seeking out a home in Philadelphia. Continue reading to find out Philadelphia statistics and to determine your purchasing power in the state.
Quick Philadelphia Housing Facts
Percent of Homeowners in Philadelphia: 71.3%
Percent of Renters in Philadelphia: 28.7%
Median Philadelphia Household Income: $27,196
Average Philadelphia Credit Score: 686
Best Cities to Live in Pennsylvania: Blue Bell, Wexford, Hummelstown, York.
Median Philadelphia Home Value: $78,761
How Much Real Estate Can I Afford in Philadelphia?
Buying a home is probably the largest financial decision the average American will make, so naturally it can be a stressful process. Fortunately, we have tools that will help eliminate some of the stress involved in the initial stages of the process. First, we recommend that you consider the following questions:
- How much am I willing to spend each month on mortgage payments?
- What kind of payment plan will work best for me?
- What are the property tax rates in Philadelphia (PA)?
- What are the interest rates in Philadelphia (PA)?
Then, do a little number crunching with our online mortgage calculators. They can help you answer some of the previous questions, and will also give you a better idea of where you stand in the housing market. At that point, you should be able to make a decision about what your next move will be. Are you ready to contact a realtor? Make an offer on a house? Or do you want to wait until your credit score improves before you enter the housing market? Whatever decision you make, you will have the peace of mind knowing you made an educated decision.
Refinancing in Philadelphia:
The most popular reason to refinance is to take advantage of lower market interest rates. If the market rate is 2% lower than the rate you are paying, refinancing may be a sound decision. Philadelphians also refinance when their credit scores improve, and when they want a Cash Out Refinance. If you are interested in refinancing, speak with your mortgage broker to find out if it is a good choice for you.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.