How much does housing cost in Philadelphia?

The cost of housing in Philadelphia varies depending on the neighborhood, type of housing, and other factors. According to Zillow, the median home value in Philadelphia as of February 2023 is $182,100, which represents an increase of 11.4% over the past year. The median rent price is $1,550 per month.

Of course, these are just general figures and specific prices can vary widely depending on the location and type of housing you’re interested in. Additionally, housing prices can be affected by a range of factors, including supply and demand, the state of the economy, and other local and regional conditions.

Type of housing

In Philadelphia, there are several types of housing options available, including:

1. Single-family homes: These are standalone houses that typically have a yard or outdoor space. Single-family homes in Philadelphia can range in price from around $100,000 to over $1 million, depending on the location and size of the property.
2. Townhouses: Also known as row houses, these are attached homes that share one or more walls with neighboring properties. Townhouses are common in Philadelphia and can range in price from around $100,000 to over $1 million.
3. Apartments: Apartments are a popular option for those looking for rental housing in Philadelphia. Prices for apartments vary depending on the location, size, and amenities offered, but generally range from around $800 to over $5,000 per month.
4. Condominiums: Condos are similar to apartments in that they are typically located in multi-unit buildings, but they are owned rather than rented. Prices for condos in Philadelphia can range from around $100,000 to over $5 million, depending on the location and size of the unit.
5. Co-ops: Co-ops are another type of shared ownership housing, but they are less common in Philadelphia than condos. Prices for co-ops can vary widely depending on the location and other factors, but are generally similar to condo prices.

Single-family homes

Single-family homes in Philadelphia are standalone houses that typically have a yard or outdoor space. They can vary in size and style, from smaller row homes to larger detached houses. The price of single-family homes in Philadelphia can range from around $100,000 to over $1 million, depending on the location and size of the property.

Some of the most popular neighborhoods for single-family homes in Philadelphia include:

1. Chestnut Hill: This neighborhood is known for its historic homes and tree-lined streets. Single-family homes in Chestnut Hill can range in price from around $400,000 to over $2 million.
2. Fairmount: This neighborhood is located near the Philadelphia Museum of Art and offers easy access to downtown. Single-family homes in Fairmount can range in price from around $300,000 to over $1 million.
3. Fishtown: This neighborhood has become increasingly popular in recent years, thanks to its trendy restaurants and shops. Single-family homes in Fishtown can range in price from around $200,000 to over $700,000.
4. Rittenhouse Square: This neighborhood is known for its upscale shops and restaurants, as well as its historic homes. Single-family homes in Rittenhouse Square can range in price from around $700,000 to over $5 million.
5. University City: This neighborhood is located near several universities, including the University of Pennsylvania and Drexel University. Single-family homes in University City can range in price from around $200,000 to over $1 million.

Townhouses

Townhouses, also known as row houses, are attached homes that share one or more walls with neighboring properties. They are a common housing option in Philadelphia and can vary in size, style, and price.

Some popular neighborhoods for townhouses in Philadelphia include:

1. Bella Vista: This neighborhood is known for its Italian Market and its historic homes. Townhouses in Bella Vista can range in price from around $500,000 to over $1 million.
2. Graduate Hospital: This neighborhood is located near the Schuylkill River and has become increasingly popular in recent years. Townhouses in Graduate Hospital can range in price from around $400,000 to over $1 million.
3. Northern Liberties: This neighborhood has a hip, artsy vibe and is home to a number of restaurants and bars. Townhouses in Northern Liberties can range in price from around $400,000 to over $1 million.
4. Queen Village: This neighborhood is located near the Delaware River and has a mix of historic and newer homes. Townhouses in Queen Village can range in price from around $400,000 to over $1 million.
5. Society Hill: This neighborhood is known for its historic homes and cobblestone streets. Townhouses in Society Hill can range in price from around $600,000 to over $5 million.

Apartments

Apartments are a popular housing option in Philadelphia, especially for those who prefer to rent rather than buy. There are many different types of apartments available in Philadelphia, from studio apartments to larger units with multiple bedrooms and bathrooms.

Some popular neighborhoods for apartments in Philadelphia include:

1. Center City: This is the heart of downtown Philadelphia and is home to a variety of apartment buildings, ranging from luxury high-rises to more affordable options. Rent for apartments in Center City can range from around $800 to over $5,000 per month, depending on the location and amenities.
2. University City: This neighborhood is located near several universities, including the University of Pennsylvania and Drexel University. It has a mix of apartment buildings and rental homes, with rents ranging from around $1,000 to over $3,000 per month.
3. Fairmount: This neighborhood is located near the Philadelphia Museum of Art and offers easy access to downtown. Apartments in Fairmount can range in price from around $1,000 to over $3,000 per month.
4. East Passyunk: This neighborhood has become increasingly popular in recent years, thanks to its trendy restaurants and shops. Apartments in East Passyunk can range in price from around $1,000 to over $3,000 per month.
5. Old City: This neighborhood is known for its historic buildings and cobblestone streets. Apartments in Old City can range in price from around $1,000 to over $4,000 per month.

Condominiums

Condominiums, also known as condos, are similar to apartments in that they are typically located in multi-unit buildings. However, condos are owned rather than rented, and each unit is owned by an individual owner rather than a landlord.

Some popular neighborhoods for condos in Philadelphia include:

1. Rittenhouse Square: This neighborhood is known for its upscale shops and restaurants, as well as its historic homes. Condos in Rittenhouse Square can range in price from around $300,000 to over $5 million.
2. Center City: This is the heart of downtown Philadelphia and is home to many high-end condominium buildings. Condos in Center City can range in price from around $200,000 to over $5 million.
3. Society Hill: This neighborhood is known for its historic homes and cobblestone streets. Condos in Society Hill can range in price from around $200,000 to over $1 million.
4. Northern Liberties: This neighborhood has a hip, artsy vibe and is home to a variety of newer condo buildings. Condos in Northern Liberties can range in price from around $200,000 to over $1 million.
5. University City: This neighborhood is located near several universities and has a mix of older and newer condo buildings. Condos in University City can range in price from around $200,000 to over $1 million.

Co-ops

Co-ops, short for cooperatives, are another type of housing option that is available in Philadelphia. In a co-op, residents own a share in the corporation that owns the building, rather than owning their individual unit like in a condo.

Some popular neighborhoods for co-ops in Philadelphia include:

1. Rittenhouse Square: This upscale neighborhood has several co-op buildings, including the iconic Rittenhouse Plaza. Co-op prices in Rittenhouse Square can range from around $300,000 to over $2 million.
2. Society Hill: This historic neighborhood has several co-op buildings, many of which are located in converted townhouses. Co-op prices in Society Hill can range from around $300,000 to over $1 million.
3. Washington Square: This neighborhood is located just east of Center City and is home to several co-op buildings, including the Lenox. Co-op prices in Washington Square can range from around $300,000 to over $1 million.
4. Logan Square: This neighborhood is located just northwest of Center City and is home to several high-end co-op buildings, including the Coronado. Co-op prices in Logan Square can range from around $300,000 to over $2 million.
5. University City: This neighborhood has several co-op buildings, many of which are located near the University of Pennsylvania and Drexel University. Co-op prices in University City can range from around $100,000 to over $1 million.