Philadelphia: “There are still lots of people in Philadelphia who want to live in a condo.
But not everyone is buying a condo for its appeal.”
That’s what the condo market in the city looks like, according to a report published today by the Federal Reserve Bank of Philadelphia, which analyzed census data from 2009 to 2012.
And Philadelphia is still a “condo-obsessed place,” the report found.
The city’s median income rose from $46,800 in 2009 to $53,600 in 2012, the report said.
“It’s not surprising that demand is so high for a city that prides itself on its livability,” said Paul Pacholka, the head of the Fed’s research arm, which helped write the report.
The median household income in Philadelphia was $56,400 in 2012.
The report also found that the median income in suburban Philadelphia was a third lower, $53.80 in 2012 compared with $61,200 in 2009.
The average sale price for a one-bedroom apartment in Philadelphia is $2,250.
It is a bit more expensive than in many cities.
The metro area, which includes Philadelphia, Harrisburg and Chester counties, has the highest median household incomes, but its median household rent is $1,900.
The national average is $3,400.
“Prices have increased at a rapid pace,” Pachalka said.
It took more than two decades for the median price to increase by more than 30 percent.
In Philadelphia, the median household earned $51,400, while the median rent was $1.80 per month.
“People have a good reason to want to buy a condo,” said Pachka.
“The median income is going up.
And there’s a lot of room for growth.”
Philadelphia’s condo market has more than doubled since 2010, with an average condo sales price of $4,700, up from $2 a decade ago, according the report, released today.
The bureau’s analysis looked at data for condos built between 2009 and 2012.
While the number of units in Philadelphia’s urban core is small, it is growing, the bureau found.
It also found an increasing number of condos in suburban areas, which is likely a sign of the city’s expanding suburban sprawl.
The suburban condo market was “largely dominated by luxury condo complexes,” the bureau said.
In 2012, a typical condo was about four stories tall.
“There’s still a lot more housing demand than supply in Philadelphia,” said Michael Zipperer, the vice president of the Philadelphia Condo Association.
Zipperers association was not involved in the analysis.
“We’re just happy that the economy is picking up,” Zippers said.
A condo is an enclosed, high-rise building with multiple floors.
It typically has a kitchen, bathroom, living space and storage, according a website that offers information about the properties.
“If you’re buying a house, you’re likely to want a condo, too,” said Zipperman.
Condos in Philadelphia have an average price of more than $2 million, according To Realtor.com.
The census data also found a significant increase in the number the median sale price of a one bedroom unit in Philadelphia, from $1 million in 2009, to $2.1 million, the survey found.
But it did not have data on sales prices.
The mortgage rate in Philadelphia rose from 5.1 percent in 2009 and was 6.1 percentage points in 2012 to 7.4 percent, according CFPB data.
Philadelphia’s mortgage rate was the highest in the nation in 2012 at 5.8 percent, compared with 6.2 percent nationally.
“Median sale prices in Philadelphia increased at an annualized rate of 6.4 percentage points,” the Bureau of Labor Statistics report found, and “the increase was more pronounced for condos.”
The report found that “the median sales price for condos in Philadelphia fell between 4.5 and 5 percent from 2009 and between 3.9 and 4.1 from 2012.”
Condos are still cheaper than homes in many parts of the country, especially in Philadelphia.
In 2015, the average sale value of a home in the Philadelphia metro area was $9,500, according Realtor.com, compared to $17,600 for the national average.
“As the housing market continues to recover, it appears that condo buyers will benefit from the recovery in house prices and the lack of an associated housing crisis,” said economist Robert Cialdini, a senior economist at the Urban Institute.
In 2018, the number in the metro area of people who have a mortgage rose from 28 percent to 38 percent, the Bureau for Labor Statistics said.
The number of people with a mortgage has remained relatively steady in the last five years, while incomes have been rising, the BLS said.
Condo prices in Philly have been “firmly on the rise,”