Do you currently live in Philadelphia? How about you looking to buy a home in Philadelphia? Either way, if you are looking to purchase property in Philadelphia, then you are probably looking for which areas are the best. So many of them are better than others; there are still many options for buying property. Depending on what you are looking for, you may want to consider specific areas. Philadelphia is a city made up of over 1.5 million people. That is the fifth-largest city in America. Taxes have seen a massive increase in this city. As well as many property values. Certain areas have seen an almost 100% increase in value in the past couple of years. Making Philadelphia one of the greatest cities to purchase a property in. We will go over some of the hottest areas where you can buy a home in Philadelphia. Or, if you’re looking to sell my house fast Philadelphia, you may want to do your research before you sell.
The Northwest section of Philadelphia is made up of a few different neighborhoods. These neighborhoods include Roxborough/Manayunk, East Falls, Germantown, Mount Airy, and Chestnut Hill. These neighborhoods are considered some of the tops in the city. Roxborough Manayunk has been home to gentrification and development for the past 10 to 15 years. With home values nearing the $400,000 range. Plenty of investors and developers have found their way home here. Knocking down old buildings to build large apartment units has become prevalent. All along ridge avenue, you have noticed large apartment complexes are popping up. Turning a little town into more of a congested part of the city. This section of the city averages around $3,000 a year in annual tax per property. The rental rates for a three-bedroom home in this area have skyrocketed close to $2,000 a month. The population age average has seriously taken a dive. The meaning age is 32 in this section of the city. So you can imagine that this is a very young hip town.
The Germantown section of Philadelphia has seen severe increases as well. This is one of the most historic sections of Philadelphia. In the past few years, Germantown has begun to be taken over by investors. With rental rates getting close to $2,000 a month, people are starting to move in to purchase properties for rental purposes. Many rehabbers are finding distressed real estate in Germantown and turning them into lovely hopes. You can see parts of Germantown to have values of over $300,000. There are many sizeable Victorian-style homes in this section of the city. At one point in history, Germantown was not even part of Philadelphia. Germantown may be a good solution for you if you want to pick up a rental property. The taxes are a little bit lower on average over here.
The lower Northeast section of Philadelphia comprises a few different neighborhoods such as Fishtown, Port Richmond, Kensington, and Frankford. Though a few of the areas we name are much better than the others, they all compromise to be part of the lower northeast. Some people even consider this section of Philadelphia to be North Philadelphia. On a map of these areas, nestle is right next to I-95. So it is convenient to get anywhere in the city from these parts. The place we want to mention the most since it has seen the highest increase is fishtail. Over 10 years ago, you used to be able to get a property here for around $100,000. Now you can’t find anything less than 300,000. It has become a boiling area with new constructions and every direction you turn. Those things are very tight in this section they are finding room to build. Some new buildings in this area are seeing values of over $700,000. So you must have decent money to live in this area. No, it might not be ideal for rental; it is a great living area. There are plenty of shops in stores all along Frankford avenue.
Kensington is a little stricter section to live in. But we have found that this is a great area to hold rental properties. The reason is that taxes and values are low but rental rates are high. You can rent a three-bedroom house over here for just over $1,000 and purchase that property for under $100,000. Tax in this area is correct, around on average $800 a year. So you can imagine this being a very profitable area if you can find a decent rental. Though the neighborhood is more challenging than most, it is an excellent place to look into if you are looking for a rental home. Plenty of investors have found a way to make this home to owning multiple properties in this area.
South Philadelphia is made up of a large population the city. With a makeup of over six different neighborhoods, each has its own characteristics. We want to mention two sections in particular. These two sections are East Passayunk and point breeze. East Passayunk values used to be around $100,000. But as of the past 5 years, you cannot find anything less than 300,000 in this area. Too much building going on in this area since there was not too much room to already build. With no vacant lots for developers to scoop up. But many real estate rehabbers have moved into this area for fixes and flips. Then you’ll text in this area is close to $3,000 a year per property. So you can imagine it is not the best for rental purposes but maybe the best to live. We highly recommend looking into homes if you have the money to live here.
We mentioned point breeze because it is one of the city’s hottest sections for builders. Point breeze was home to plenty of vacant lots that have now since been built on. Some developers were buying decent-priced lots over here and building 400,000 homes. The city section has cooled down a bit but has been a scorching section for a while. Plenty of people are moving here because it’s close to the rest of the city. Since it is located in South Philadelphia, public transit can get you to almost any part of the city living in this area. So if you work inside the city, this can be an excellent place to live.
The great city of Philadelphia
This is the City of brotherly love. Philadelphia’s real estate market has seen severe increases over the past few years. But we have noticed that it will not slow down anytime soon. There is become a significant interest in properties across the city. With values increasing the way they are, it will only bring more attention. If you were looking to purchase a home for rental or to live in, you might want to get on the ball. Because properties are getting scooped up very quickly in the city. There are some costly and inexpensive areas to live in. As we buy houses Philadelphia, we want to ensure we believe somewhere we feel comfortable. There are plenty of different types of environments in the city that you can choose from. So finding the one that best suits you is easy to do.