Exploring the Philadelphia Real Estate

Philadelphia: The City of Brotherly Love.

As a New York City native, Philadelphia is one of my favorite cities in the Northeast because of its abundance of history and culture, vibrant food scene, grid system akin to Manhattan, diversity and proximity to NYC and other major Northeast cities.

I have visited Philadelphia twice on day trips from New York City and each time, I am always pleasantly surprised by the city. The first questions I ask locals during interaction are on the cost of rent; I want to see how Philadelphia real estate compares to that of New York City.

 

Why Philadelphia?

It is no surprise that the further you move away from NYC, the more affordable the rent. Don’t get me wrong, Philadelphia has neighborhoods that rival the swanky parts of Brooklyn and Manhattan as well as luxury residences and historic brownstones steeped in colonial tales but Philadelphia real estate prices pale in comparison to the exorbitant expense of the Big Apple a mere hour away.

I have been browsing property prices in Philadelphia and the amounts floor me: a regular 2bd/2bath at a little over 1,000 sqft. can go for $270,000! Can I find similar in Manhattan or even Brooklyn at that price? Maybe if haunted.

There are certain neighborhoods where Philadelphia real estate is affordable depending on your preferences and believe me when I say that I have picked my favorite areas for when I either move out of NYC or purchase a lucrative investment property in Philadelphia.

 

Philadelphia Real Estate Benefits: Habitation or Investment Property

• Housing is more affordable in certain Philadelphia neighborhoods than in other Northeast cities.
• Proximity to NYC, DC and Boston for work is worth the real estate investment.
• Millennial families and young professionals can afford to rent and eventually buy starter homes within Philadelphia real estate.
• Investing in affordable Philadelphia real estate can help recoup mortgage costs through short-term leases via Air BnB or homestays for tourists and digital nomads.
• Neighbourhoods are walkable with good bus systems. Alas, SEPTA can be improved upon a fair bit.

 

Best Philadelphia Neighborhoods For Real Estate Investment

Old City. This is my favorite part of Philadelphia because of its English style architecture, historic colonial district, street art and general ambience. The food and nightlife is definitely a plus and proximity to the Seaport is great in warm weather.

Center City. Another lovely and walkable area close to restaurants, museums & neighborhoods with beautiful and historic townhouses to marvel at.

Graduate Hospital. It is a neighborhood not an actual hospital, I promise. I remember walking through and marveling at the serenity. It is close to Locust Street with proximity to fun spots like ice cream cafes and fancy restaurants.

Rittenhouse. I love this neighborhood just for the greenery alone which provides seating and much needed shade during steaming summers.

Logan Square. This neighborhood attracts young professionals and is said to be one of the best spots of Philadelphia real estate because of the presence of both owners and renters, bars, restaurants, museums and a liberal population.

Philly is my escape city and I have accepted the fact that until I win the lottery, I may be unable to invest in any real estate in NYC. Thus, I satisfy myself with day trips, exploring my favorite neighborhoods and stuffing my bag with organic goods from Reading Terminal.

Until then, check out RedFin for numerous affordable Philadelphia real estate properties.

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