Jun 1, 2023 - Real Estate
It pays to own, not rent, in Philly
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Homeownership trumps renting in Philly.
State of play: Philly’s relatively affordable housing market makes owning a better option than paying rent to a landlord every month, per a new analysis from Redfin, the real estate company.
By the numbers: 41% of properties in Philly are cheaper to rent than buy, putting us on par with others like Cleveland (43%) and Houston (48%).
- Plus: Philly’s housing affordability is among the best out of the top 50 U.S. metros.
The big picture: Big cities on the West Coast have some of the worst housing affordability.
- 100% of properties in Los Angeles, San Francisco, San Jose, and Seattle are cheaper to rent than own, per Redfin.