Life in Philadelphia can be very fulfilling. Maybe you have lived in this city all your life, and you never want to leave. Perhaps you are seeking a new start after living in another state for most of your life. If you plan to live in the City of Brotherly Love, then it makes a lot of sense to buy a home rather than rent a property.
Buying a home comes with several distinct advantages over renting. It is also widely considered to be part of the American dream. It is the chance to lay down roots and become a long-term member of the community.
You may be asking why it is a good idea to move to Philadelphia and buy a home when doing so. Let’s dive into why this decision could be the best change of your lifetime.
Data from the past year in this city indicates that many properties are cheaper to buy than to rent. There are very few cities in the United States that can boast of this same advantage. This means that when you take into account all the other expenses like utilities, owning a home is not very different from renting one. All the other advantages that come with owning a home certainly make ownership even more worth it. Additionally, according to Redfin, the housing market in Philadelphia has a median home price of $245,000, which is on the low end of the major cities in the country. That means homeownership in Philly is much more affordable if you want to live in a metropolitan area.
No matter what your financial background or family situation, you can find a great home in this city. If you have a lot of kids and need multiple bedrooms and bathrooms, there are plenty of larger houses that can suit your needs. If you are a retiree looking to downsize on a home with your spouse, one-story homes are numerous in the surrounding area. Are you interested in living in one of the most historic neighborhoods in the country? Then, the Main Line real estate market can provide multiple housing options in a beautiful district with a rich history. With diverse housing options throughout the city, you are sure to find some properties that will meet your needs for good value.
Again, we can talk about what it is like living in Philadelphia compared to other major US cities. It has a very low cost of living when you take many factors into account, such as utility costs, public transportation, groceries, gas, and other expenses. With cheaper housing, you can buy a home and lead a lifestyle that is much more affordable than most big cities throughout the country. In fact, Philadelphia is often seen as one of the best cities to live in for commuters because of the plethora of public transportation options and the walkability of the city. If you want to move to an urban environment while your money goes further, then Philadelphia might be the best location for you.
You probably hear about this concept all the time. Buying a home is an investment, which makes it superior to renting. Let’s talk about why. When you pay a mortgage each month, that money earns you equity in the home over time. Rent money simply disappears into the pocket of the landlord. Eventually, you can use the equity in your home to refinance for some cash or earn a profit when you sell the home. The more equity you have, the more profit you will experience. If you rent consistently for years, none of your payments will benefit you in the future, but owning a home for years will be an investment in the future.
One of the greatest joys of owning a home is getting to make changes to the property. Although you have to take on the burden of maintenance, it is up to you to find ways to save on basic household expenses. For example, you could add insulation to areas that are lacking it to improve the temperature control in the house. If you want to renovate the bathroom, you have the freedom to do so. Want to upgrade to smart appliances to lower your electric or water bills? Go for it. As a homeowner in Philadelphia, you have more control over your utility expenses and property upgrades so you can customize the space.
As you can see, there are many reasons to move to Philadelphia and buy a home there. With cheaper home prices and a lower cost of living than most big cities, it is a great place to lead an affordable lifestyle. Plus, as a homeowner, you get to build equity in the property over time and make the changes that you care about.