Whether you are looking at Center City or the more suburban feel of Northern or Southern Philadelphia, the city can be a great spot for first-time buyers. With lower costs than many other cities but an increasing market, buying a home in Philadelphia can be a great investment. Here are some of the top reasons to consider buying a home in Philadelphia.

Cheaper to Buy Than to Rent

With an average of $175,000 to buy a home, a 4.5 percent interest rate will yield a $900 mortgage payment each month. Comparatively, the median rent in the city sits around $1,300 and seems to increase as the years pass.

A Lot of Options

Currently, there is a long list of available properties for purchase in Philadelphia. With so many homes for sale, the options can seem limitless, regardless of which area of the city you aim to live in. This also makes it less competition among buyers, making the market more in their favor.

Focus on Rebuilding Downtown Areas

Philadelphia has entered a bit of a renaissance phase that has been making the city more valuable. Private developers have been expanding most neighborhoods and using empty lots and old buildings to create higher value. Buying now ensures your investment will have a huge turnover but you will get the lower value price.

Safe from Natural Disasters

Many cities in the country face natural disasters such as flooding, tornadoes, hurricanes, and earthquakes, making it hard to own and maintain a home. However, Philadelphia only sees mild natural disasters such as a winter blizzard or occasional hurricane in the summertime. This makes buying insurance much cheaper in the area.

Crime Rate is Dropping

Compared to Los Angeles and New York City, the crime rate is steadily dropping in Philadelphia. Between 2012 and 2013, NYC saw a 2.5 percent drop and LA saw a 3.7 percent drop. Philadelphia, however, saw a 7 percent drop in crime during those same years.  Of course, crime rate depends on which area you live in, making it important to check out the neighborhood before making a purchase.

If you are considering buying a new home, it pays to have an attorney on your side. At Reinherz Law, we understand how to best navigate the process of buying a home and have years of experience to bring to the table. Contact us today to find out how we can help you buy your first home in Philadelphia.

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