Philadelphia offers affordable living, and shopping there is also a good investment. When considering your budget, you'll want to consider Pennsylvania property taxes. It's cheaper to buy than rent in Philadelphia, according to a new report by real estate database company ATTOM. Curbed Philly asked long-time local realtors to weigh in on the current state of the Philadelphia real estate market for the sake of beginners looking to buy in the city.
The study found that housing prices in the Philadelphia subway, a region defined by the census that includes parts of South Jersey, Maryland and Delaware, are approximately 10% higher than long-term cost trends suggest they should be. Kevin Gillen, a real estate economist at Drexel University, says the study's main finding overlooks the high performance of the real estate market in select neighborhoods in Philadelphia. Home sales in the Philadelphia region have skyrocketed during the pandemic, driven by ultra-low interest rates, housing shortages and people seeking more space during the pandemic. And if they've been in the game for a while, chances are they have a good network of other people to contact you with during your home search, such as a mortgage lender, who can find out how much house you can afford.