In Chester County, affordable housing is elusive for all but those with annual household incomes of six digits. There were 1,675 homes built in Chester County last year, the most in nearly a decade. The median price paid for a house in Chester County was just over $337,000, a 6.5 percent increase from 2016.
But only those with means need apply for mortgages. Except for highly paid individuals, the typical Chester County home is simply out of reach. Affordable housing — especially for minimum wage workers and those with only a high school degree — is a serious problem in a county that ranks as one of the wealthiest in the nation.
“The county is a desirable place to live — a real destination for education, work opportunities and quality of life,” said Crosby Wood of Coatesville, a real estate entrepreneur experienced in finance, real estate development and event management. “We’re a vibrant part of a major metro area; we have natural and cultural attractions and robust agriculture. Yet for those relocating to Chester County, for young people starting their careers and seniors downsizing, the affordability question is daunting.”
Wood said that in next 25 years the county is expected to need 55,000 more housing units.
Local officials will examine the issue in December at a planning meeting.