Buy Vs. Rent in Philadelphia
ask yourself: how long will i live here?
The Spring real estate market is almost here which means many renters in Philadelphia are trying to figure out if they are going to extend their lease, find a new place or buy a home. Trulia put together a clever interactive map that delves into the buy vs. rent dilemma by breaking down mortgage rates, tax bracket & how long you will stay in the home. Philadelphia buyers fare well in as little as 3 years according to Trulia. After 3 years it is 25% cheaper to buy, after 5 years it is 40% cheaper to buy & after 7 years it is 46% cheaper to buy than it is to rent in Philadelphia. The national average is 38% after 7 years. Check out the map for yourself. You may also want to check out their rent vs. buy calculator.
CNN Money has Philadelphia’s median home price as $175,000. Want to see what $175,000 looks like in Philadelphia?