Chestnut Hill, Mt Airy Among Most Expensive For Rent: Study

CHESTNUT HILL-MT. AIRY, PHILADELPHIA — How affordable is it to rent a home in Chestnut Hill and Mt. Airy?

Not very affordable, according to a new analysis by the National Low Income Housing Coalition.

The coalition recently released its annual "Out Of Reach" report for 2020, and it shows that you'd have to earn about $26 an hour to afford to rent a two-bedroom home in Roxborough and Manayunk area.

In Chestnut Hill (19118), the hourly wage needed to afford a two bedroom is $30.58.

Mt. Airy (19119) renters need to make an average of $21.15 per hour to afford a two-bedroom place.

Philadelphia's most expensive ZIP codes, unsurprisingly are in Center City. The 19102 and 19103 ZIP codes require an average hourly wage of $35.38 to rent a two-bedroom home.

The report ranks ZIP codes by the hourly wage a person would need to earn to afford renting without spending more than 30 percent of their income on housing.

Across Pennsylvania, renters earn $15.90 per hour on average, while $19.23 per hour is needed to afford to rent a two-bedroom home.

Residents in the Keystone State would have to work 86 hours per week at the minimum wage of $7.25 to afford even a one-bedroom home, the report says.

Pennsylvania ranked 26th in the nation in terms of affordability for renters. The most expensive state for housing is Hawaii, followed by California, then Massachusetts.

You can view the full report here.