How much it costs to buy a starter home in the Philly area

Data: Redfin; Note: Includes the largest 50 metros by population. A home is considered "affordable" if a buyer spends no more than 30% of their income on housing, assuming a 3.5% down payment; Chart: Erin Davis/Axios Visuals

The vast majority of Philadelphia metro starter-home listings are affordable for middle-income households, according to Redfin's latest analysis .

The big picture: Homebuyers are seeing some relief with mortgage rates down, but a shortage of local housing is keeping prices high .

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• Attracting first-timers is one reason homebuilders are churning out smaller , less expensive houses.

By the numbers: Philly-area house shoppers in August needed a $44,806 annual income, up nearly 4% from a year earlier, to afford the region's typical starter home — which costs $140,000, per Redfin.

• The region's median household income is $72,742 this year, researchers estimate.

Between the lines: Despite the housing supply remaining low historically, metro homebuyers are seeing more options on the market recently, per the August's housing report from Bright MLS.

• Active listings in the region are up more than 21% since last year, per Bright MLS.
• The tri-state region also is on track to permit more housing units than last year.

What we're watching: Many 2024 voters say home affordability is a top concern.

• Former President Trump and Vice President Kamala Harris have different proposals for tackling it.