Is Philadelphia a smart real estate investment decision? The city of Philadelphia appeals widely to many groups of people; including young professionals, new and experienced investors, retirees, families, athletes, and students. Philadelphia’s population has been growing steadily for more than a decade, and has been driven by two major groups. According to Pew Trusts, Millennials and Immigrants have fueled Philadelphia growth. This growth spurt has only increased the Philadelphia real estate market value, and neighborhoods that have been looked down in the past are slowly emerging as desirable places to live.
The short answer to if Philadelphia is a great place to invest real estate is–absolutely.
According to Maxwell Realty’s CEO and owner, Nancy Alperin, “People are coming in from New York, because for $3 million in Philadelphia, you can buy a 3,000-square-foot ultra-luxury residence with a 10-year real estate tax abatement and one-car garage parking at 21st and Walnut”.
Philadelphia will continue to attract residential buyers, multi-family homes buyers, commercial real estate buyers, and luxury real estate buyers at a more stable price point. With an increasing number of people starting to recognize that Philadelphia is actually an incredible place to live and offers residents a more stable housing market than other comparable cities, it is now the time to invest in Philadelphia real estate.
Why Philadelphia real estate is a SMART investment
Experts say that Philadelphia is and will be attracting real estate property investors in 2022 and beyond.
Neighborhoods are going UP in value
According to Nancy Alperin, your money is incredibly safe in the Philadelphia market, especially in Rittenhouse Square real estate and Washington Square real estate, since developers are simply not building there anymore and the population continues to grow.
For instance, in Washington Square West, quiet blocks of two to four-story houses are surrounded by greenery and well-kept pedestrian sidewalks. This Philadelphia neighborhood property prices have remained relatively stable during otherwise volatile market times across major cities and investors can almost guarantee a positive income from renting in Washington Square real estate. There are similar trends in many other Philadelphia popular neighborhoods, including Rittenhouse real estate, Fairmount, and Bella Vista/Queen Village.
Philadelphia Continues to GROW
According to the most recent US census, Philadelphia has grown 5% over the past 10 years, with employment growing 1.17% year-over-year. The economy in Philadelphia is “one of the most diverse in the country”, with it being an epicenter for financial services, healthcare, biotechnology, IT, food processing, and oil refining. Additionally, Philadelphia houses 6 international airports, 3 major interstate highways, a major port for UPS, and is located in between the major cities of New York City and Washington, DC.
If you are focusing on buying investment rental properties, Philadelphia is most likely the perfect place for you. The percentage of Philadelphia renters keep growing, while home prices are some of the most affordable in the United States–making this an ideal city for real estate investment properties or buying a home.
Exciting Activities in an Affordable City
If you decide to invest in one of the most affordable cities in the country, no expense is spared when it comes to quality of life. With a 3% below national average cost of living, there are plenty of outdoor activities, nightlife and entertainment, dining options, and historical destinations at your fingertips.
If you’re a sports fan, you will definitely NEVER get bored of Philadelphia. This city is one of the only cities in the country with four major sports teams–Philadelphia Eagles, Philadelphia 76ers, Philadelphia Phillies, and Philadelphia Flyers.
Ready to Invest in Philadelphia Real Estate?
Now that you’ve discovered some statistics and fun facts about the city of brotherly love, you may be ready to look further into our variety of real estate properties, or commercial properties for sale. Whether you are searching for a luxury condo for sale, charming Philadelphia homes for sale, or even apartments in Rittenhouse Square, the Philadelphia realtors at Maxwell Realty can get your started and answer all of your questions.
Contact a Philadelphia realtor today at (215) 546- 6000 or fill out a contact form to speak to a Philadelphia realtor today. Looking to rent instead? We have a variety of Philadelphia luxury apartments and Philadelphia apartments for rent, including Franklin Tower Residences and Riverwalk Philadelphia, at our fingertips.