typical housing payment grew about 6% to $3,335<\/a>.<\/p>\nThat housing payment includes the principal, interest, property taxes, and insurance. It assumes the buyer made a 10% down payment on a 30-year, fixed rate mortgage at the average September rate of 6.86%.<\/p>\n
Zillow included both single-family and multifamily rentals in its calculation of typical asking rent.<\/p>\n
Ng said that \u201cwith the rise in borrowing costs, we\u2019re seeing the rise of the deliberate renter, someone who chooses to bank the difference between a buyer\u2019s monthly payment and rent and build wealth without owning a home\u201d through saving and investing.<\/p>\n
A growing number of households also are being priced out of the for-sale housing market.<\/p>\n
To comfortably afford a typical rental, a Philadelphia-area household needs to make about $76,000, according to Zillow. To buy the typical home valued at about $387,000, a household needs to make roughly $133,400 per year, about $57,000 more than renters.<\/p>\n
How the Philly area compares<\/p>\n
The gap in the income needed to afford to buy vs. rent is bigger in the Philadelphia area than nationally.<\/p>\n
Across the country, a household needs to make about $77,300 to afford the typical rental and about $121,500 to afford to buy the typical home. That\u2019s a gap of about $44,000.<\/p>\n
Nationally, the typical rent is about $30 higher per month than in the Philadelphia area. The typical monthly payment for homebuyers is $300 lower.<\/p>\n
Rental demand on Zillow.com nationally was up 19% from last September.<\/p>\n
Among major metro areas, San Jose, Calif., was where demand increased the most from last year \u2014 82.5%.<\/p>\n
San Francisco; Austin, Texas; Miami; and Phoenix round out the top five markets with the highest increases in rental demand.<\/p>\n
The Baltimore, Washington, Cleveland, and Louisville, Ky., areas were among the metros where rental demand decreased since last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to article \u2022\u00a00:00 min Mortgage rates are stifling home buying. As the average interest rate for the…\n","protected":false},"author":2,"featured_media":309025,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[126612,69,71,70],"class_list":["post-309024","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-mortgage-rates-rent-increase-home-buyers","tag-philadelphia","tag-philadelphia-headlines","tag-philadelphia-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/309024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=309024"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/309024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/309025"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=309024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=309024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=309024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}