Deciding whether you should buy or rent in Philadelphia is always a tricky question and these days a very popular one.
A recent report from Zumper shows that median rents for two bedroom apartments are up 3.70% to $1,560 while one bed room apartments remained relatively flat at $1,400. These prices put Philadelphia in the top twenty for rents in the country. While Philly is still cheaper than the other large cities in the Northeast corridor, the prices are still considered high.
This, in part, is what has led to the housing shortage we have seen over the last few years here in Philadelphia. With rental prices increasing, more people looked to buy instead of rent. Construction couldn’t keep up and so we have been dealing with a red hot seller’s market.
However, nothing lasts forever and with more apartments being built than in the last decade more equilibrium may return to the Philadelphia housing scene.
If you find yourself debating buying versus continuing to rent, here are some things you should consider:
There are many great reasons why you should buy instead of rent. Here are some of the top ones:
Owning a home can be a great thing if you do it right. But despite home ownership being crowned the corner stone of the American Dream, it’s not for everyone at all times.
While buying a home can be great, there are a lot of great things about renting as well. Here’s why you might want to think of passing on home ownership:
Renting can be great and has a lot of pluses. Take a long hard look at your situation and see what fits you best.
If you need more help in deciding whether or not to buy or sell in Philadelphia, give us a call! Here at D&D Property Solutions we’re Philadelphia real estate experts that can help you decide whether to rent or buy depending on your unique situation.
Give us a call at (267) 888-8987 today or contact us here and our friendly staff will answer all of your renting and buying questions.