Some of the loveliest cities in this country get overshadowed by nearby glitzier, glamzier, (yep, glamzier) big-name destinations. Philadelphia’s proximity to New York (two hours by car, hour-and-a-half by train) puts it on that list. Although it may stand in the shadow of The Big Apple, The City of Brotherly Love has its own perks that far outweigh their rivals in NYC. Number one, of course, is the cost of living. These stats on Numbeo.com show that rent prices are 50% lower and local purchasing power is 23.4% higher in Philly than in New York City.
This week, we’re highlighting the Penn’s Landing area of Philadelphia. It’s a beautiful, vibrant waterfront area with easy access to all the culture Old City has to offer.
What $260,000 will buy:
According to Trulia, between August 2014 and November 2014, the median sales price for homes in Penn’s Landing was $261,950, and the average list price was $474,227 for the week ending November 19.
We found a handful of one-bed, one-bath condos for sale between $215K and $260K in the historical Pier 3 Condominiums at 3 North Columbus Boulevard. The building was a working City pier in the 1920s, and in the 1980s, it was converted to 172 apartments that were then reorganized as condos in the 1990s.
Our favorite condo for sale today is a 750-square foot, one-bath, one-bed with panoramic views of the Delaware River, the Piers Marina, and the Ben Franklin Bridge. It also has high-end appliances, heated bathroom floors, and a parking spot. It’s on the market for $269,900.
You can get almost twice the square footage for the same amount of money in Pier 3 if you’re willing to forgo the views.
Rental income potential:
Similar properties as the above rent for $1550 per month.
For the girl who loves to step out of her home and straight into the mix, Philly’s Penn’s Landing will put her smack in the middle of summer festivals and concerts, as well as the Waterfront Winterfest. Ice Skating, anyone? She’ll also be steps away from Old City’s dining, shopping, and nightlife.
Unemployment rate: 7.1%
Median household income: $37,016
Median Value of Owner-Occupied Housing Units: $142,300
Median Sales Price: $110,000
Median List Price: $145,00
*Data taken from RealtyTrac.com, United States Census Bureau, and Bureau of Labor Statistics, December, 2014.