Whether you've recently started or are a professional investor, real estate investment offers people many financial benefits. This venture lets you achieve financial freedom, especially during uncertain times. It also allows you to enjoy long-term appreciation and diversify your portfolio.
And you can enjoy these benefits by investing in real estate in Philadelphia, the largest Pennsylvanian city founded in 1682 by English Quaker and religious freedom advocate William Penn. However, as you contact real estate management, you may wonder if this city is a worthwhile investment.
If you want to gain financial stability amidst these times, this article will answer what the future promises for Philadelphia. We'll also explain why you should invest your real estate in this Pennsylvanian city.
Should You Invest in Real Estate in Philadelphia?
Philadelphia is a wise real estate investment decision because of its growing population, driven by millennials and immigrants. The real estate market value has increased, and previously underrated neighborhoods are becoming desirable places to live. Many real estate companies also state that people arrive in this city from New York because of the affordable luxury residences with real estate tax abatements and garage parking.
What Does the Future Hold for Philadelphia?
We expect Philadelphia’s real estate market to attract buyers, including those interested in residential, multi-family, commercial, and luxury properties. It’s also an excellent time to consider investing in Philadelphia's real estate market because, unlike other similar cities, its housing market is becoming more stable.
6 Reasons to Invest Your Real Estate in Philadelphia
This section will explain why you should invest in real estate in this Pennsylvanian city today.
1. The Value in Neighborhoods Continues to Rise
Experts state that investing in real estate in Philadelphia's Rittenhouse Square and Washington Square neighborhoods is secure because of the lack of new developments and increasing population. Other communities like Fairmount and Bella Vista/Queen Village are experiencing similar trends. Moreover, Washington Square West has peaceful blocks of tiny houses surrounded by greenery, making it an attractive investment area.
2. Philadelphia Continues to Grow
Philadelphia has grown 5% over the past ten years, with a diverse economy and employment growing 1.17% year-over-year. It has six international airports, three major interstate highways, and a large United Parcel Service (UPS) port. This Pennsylvanian city is also ideal for real estate investment properties because of the growing percentage of renters and affordable home prices.
3. This Affordable City Offers Exciting Activities
Philadelphia's cost of living is 3% lower than the national average, letting you can enjoy various outdoor activities, nightlife, entertainment, dining options, and historical landmarks. Also, sports enthusiasts will love this city because it's home to four big sports teams: the Philadelphia Eagles, Philadelphia 76ers, Philadelphia Phillies, and Philadelphia Flyers.
4. Philadelphia Has a Stable Job Market
Philadelphia's economy is improving with growth in industries like life sciences and the Center City District and job growth in construction, information, professional services, and leisure and hospitality. The economy grew before the pandemic because of a growing job market, increased education, and residential building activity.
5. This City Has a Rapid Population Growth
Philadelphia and its suburban counties are driving population growth in Pennsylvania, with the city growing by 5% and the suburban counties of Montgomery and Chester growing by about 7% each over the past decade. Philadelphia has a growing employment market, while unemployment is 4.1%.
6. The Real Estate Market Is More Affordable
Despite the recent increases, investors interested in workforce house rental property may find Philadelphia appealing due to historically lower housing prices and rents. More people want to rent instead of owning a house, with over a third finding it more affordable and less stressful.
Philadelphia is a wise real estate investment because of its stable job market, rapid population growth, and exciting activities. You can maximize your investment here by finding reliable real estate management companies.
If you need help with real estate management, contact Cornerstone Management! Our accountants and tech experts provide results-driven residential and commercial property management services. Schedule your free rent analysis today!