Let’s look at the details.
- Philadelphia retains its national reputation as a relatively affordable city to buy a home.
- According to Redfin, monthly costs of owning a home in Philadelphia are cheaper than costs of renting. Philly is one of a few cities where this is true with the downside being that properties in Philadelphia do not appreciate as quickly as elsewhere.
- A median-priced home in the Philadelphia metropolitan area costs roughly 7% or about $130 less per month to own than to rent. This is an analysis of single-family homes, condos, co-ops, and townhouses.
- In comparison to Philadelphia, in the 50 U.S. metros with the highest populations, a median-priced home cost about 25%—$670—more per month to own than to rent.
- If people can afford a down payment and a monthly mortgage, investing in a home makes financial sense because they are building equity.
