Forbes Magazine in a recent article listing the top 10 cities to buy a home, ranked Philadelphia as the 4th best place to buy a house in the U.S.
The City of Brotherly Love has a tight housing market–just 1.9% vacancy–reflecting the lure of a charming and historic American city. Steeped in tradition, this city is priced well, with a median home price of $234,900, up from $215,000 in 2005. With abundant cultural outlets, including universities, museums and theaters, Philly is a great place to call home.
The ranking was determined by the cost of buying versus renting, tax incentives where present, and whether a buyer would have an opportunity to build equity. Forbes surveyed the 40 largest metropolitan area housing metrics looking for cities where prices have appreciated over the last two years. It also measured vacancy rates, providing extra points where rents are significantly higher than a buyer’s mortgage payment for the same home. Philadelphia’s place was earned due to price stability, increasing rents and affordable housing stock.
YO we all know that Philly is a city on the rise with a tempting cost of living.
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