Philadelphians are spending more time and money on real estate than ever before.
But how much are they getting for their money?
Here are five things to consider before you decide to spend your hard-earned cash.1.
You can save.
The real estate market has always been tight, but we’ve seen the average price per square foot go up by more than 40 percent in the past decade.
That’s thanks to a combination of strong home construction and a surge in demand for housing.2.
It’s a low-cost place to live.
A growing number of young people are moving to cities like Denver and Los Angeles to make ends meet and get away from the gridlock of the suburbs.
The median rent for a one-bedroom apartment is now $1,848.
But the cost of living in many places in metro Philadelphia is still among the lowest in the nation, even after adjusting for inflation.3.
It offers affordable living.
A large portion of Philadelphia’s population lives in the city, making it an attractive place to raise a family.
But with an average rent of $1.23 per square feet, it’s a pricey place to be a parent.4.
There are great restaurants and bars nearby.
We love our pizza, but when it comes to dining out, it can be a pain.
The best places to grab a bite at Philly’s best restaurants are in the South Philly neighborhoods, like South Philly and South Richmond, where there are plenty of great spots to sit down.5.
You’ll be glad you did.
The average annual salary for an executive with a bachelor’s degree is $108,500, according to the Bureau of Labor Statistics.
In the Philadelphia region, the median salary is $73,500.
Thats nearly $6,000 more than the national median.
That means there’s a much higher average salary for Philadelphia residents.