$120,865/yr
is the income needed to buy the typical $386,048 home in Philadelphia, PA at today's 7.18% rate — about $2,820/mo. The local median household ($89,273) falls $31,592 short.
The math (shown)
386,048 price − 10% down (38,605) = 347,443 loan
30-yr fixed at 7.18% on 347,443 = 2,354/mo principal+interest
+ 466/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
2,820/mo PITI ÷ 0.28 = 10,072/mo → 120,865/yr required
against Zillow ZHVI 2026-09 (Zillow ZHVI (typical home value, smoothed, all-homes 33–67pct tier)) and the 7.18% FRED 30-yr rate (2026-11-05). Local median income: $89,273 (U.S. Census Bureau ACS 2023 5-year, median household income (table B19013)).
Can I afford Philadelphia, PA on my salary?
Your salary:
Rent vs own here
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FAQ
How much do I need to make to live in Philadelphia, PA?
To buy the typical home, about $120,865/yr. Renting needs less; this page sizes the buy.
What home value is this based on?
Zillow's ZHVI typical-home-value for the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metro (2026-09): $386,048.
Is the mortgage rate current?
Yes — 7.18% from FRED's weekly 30-year fixed average (2026-11-05).
Glossary
ZHVI
Zillow Home Value Index — the typical home value for a region (35th–65th percentile, smoothed, seasonally adjusted).
Front-end DTI
Housing payment as a share of gross income; lenders commonly cap it near 28%.
PITI
Principal, Interest, Taxes, and Insurance — the full monthly housing cost.