Is It Worth Buying a Home in Philadelphia, PA?
The decision to rent or buy in Philadelphia, Pennsylvania depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $265,000 and median monthly rent of $1,650, the math plays out differently depending on your personal situation.
Philadelphia has an average property tax rate of 1.31% annually, which adds approximately $289/month to the cost of homeownership on a median-priced home.
Historically, home values in Philadelphia have appreciated at roughly 2.8% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Philadelphia Buyers
- Down payment of 20% on a median home = $53,000
- Monthly mortgage (30yr at 6.99%) ≈ $1,409/mo
- Property tax ≈ $289/mo
- Estimated maintenance ≈ $221/mo