The dream of owning a home is slipping away from many hardworking families. Home prices have outpaced wages and housing availability remains limited with the average home price in the greater Philadelphia area coming in at $390,000 according to Bright MLS.making it extremely difficult for first-time home buyers to enter the market. However, the City of Philadelphia has taken this challenge on with its Turn the Key program, an initiative proving that with smart policy design, public-private partnership, and financial innovation, affordable homeownership can be within reach for first-time buyers.
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