William Penn established the British colony of Pennsylvania, with Philadelphia as its capital, in 1682. His goal was to create an area free of religious persecution where all are welcome. Indeed, known as the City of Brotherly Love, Philadelphia still has a friendly, inclusive environment nearly 340 years later. With more than 1.5 million residents, it now has the sixth-highest population among U.S. cities and encompasses an area of 134.1 square miles.
There are many jobs available in and near Philadelphia. The primary industries in the area include financial and professional, energy, information technology, innovation and entrepreneurship, life sciences, logistics, and manufacturing. Major corporations such as Comcast Corp., Aramark, FMC, Urban Outfitters, and Carpenter Technology are Philly based. Large companies in the vicinity of Philadelphia include Penn Mutual Life Insurance, Universal Health Services, Air Products and Chemicals Inc., Church and Dwight, American Water Works, Penn National Gaming, and dozens more.
Philadelphia, PA is a great place for affordable rent-to-own homes! With a median household income of over $49,127 and a median rent of $1,084, the Philadelphia, PA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Philadelphia, PA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Philadelphia, PA is seeing rapid growth and Philadelphia, PA's' housing market remains optimal with an average home price that is -21% below the 2023 national average. Philadelphia, PA is part of Philadelphia county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Philadelphia is 0.91% which is below the national average, which is 0.99%.
People generally expect expenses to be high in and around a big city. Surprisingly, the overall cost of living in Philadelphia is only 1.2% higher than the United States average and 8.7% higher than average for Pennsylvania. Neighboring Ardmore is 16.2% higher than Philadelphia, while Darby is 12.5% lower. For a city of its size, Philadelphia has a very affordable cost of living.
Housing prices in the city are equally as surprising. The median cost of a home in Philadelphia is $153,400, which is around $20,000 cheaper than the state average of $173,700 and nearly $80,000 less than the national average of $231,200. You'll pay only $80,800 for a house in Darby, but it's a smaller, quieter town with less to offer. The price tag for a home in Ardmore is $328,200, nearly $175,000 more than Philadelphia. Buying a house in Philly is very affordable, especially when you consider the city's popularity, job market, and amenities, making Philadelphia an excellent spot for rent-to-own homes.
If you're interested in Philadelphia rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Philadelphia statistics compared to the U.S. national average.
|Philadelphia Averages||National Averages|
|One-Way Commute||32.9 minutes||26.4 minutes|
|Income Tax Rate||7.0%||4.6%|
|Median Household Income||$37,460||$53,482|
|Median Property Taxes||$2,400||$2,200|
|Median Home Cost||$153,400||$231,200|
|Median Home Age||67 years||40 years|
Philly is a popular destination for tourists and professionals alike. More than 45 million people visited the Philadelphia area in 2018. Visitors had an economic impact of over $12 billion and supported more than 100,000 jobs.
The Philadelphia government works hard to make travel throughout the city convenient. It was rated as the number five most walkable city in the United States by Smarter Travel, with signage that helps visiting pedestrians make their way around the downtown easily. The city has more than 440 miles of bike lanes, over 300 miles of completed bike trails with another 450 miles in progress, and more than 1,300 bikes available for rent at more than 140 stations throughout the city.
Getting in and out of the city is a breeze as well. Philly is home to the 20th most popular airport in the country, located just a few miles from downtown. More than 16 million passengers flew out of the city using Philadelphia International Airport in 2019. In addition to Philly Phlash, the city's seasonal bus system, the Southeastern Pennsylvania Transportation Authority provides a regional bus and train system for people traveling in or near Philadelphia and a trolley system for getting around town. Additional options include Lyft, Uber, private car service, tour buses, and a car share program.
There is an abundance of attractions in and around Philadelphia. Visit the Reading Terminal Market if you're into local produce and boutique shops. History buffs will love the Liberty Bell Center. Or spend a day at the Philadelphia Zoo if you appreciate animals. Enjoy the fun and food at Franklin Square, explore the Franklin Institute Science Center, or shop and dine at the many downtown stores and restaurants.
If you're looking into rent-to-own home options, you won't find many cities like Philadelphia. The city has an excellent economy, an affordable housing market, a comprehensive transportation system, and a host of places to visit during your free time. But most importantly, the people are friendly, inclusive, and welcoming to all.