Philadelphia Among Least Affordable Rental Market

Philadelphia is already famous for cheesesteaks, diehard sports fans, and brotherly love. Now it can add one more to its list: an unaffordable rental market. As many locals will tell you, rental prices in Philadelphia continue to rise.

While it’s great for investors (!!!), it’s become increasingly difficult for renters to maintain their living situation as the current percent of median income to median rental price climbs to 47.4%. This is the third priciest rental market among cities in the United States.

Bronx, NY and Baltimore are the only cities with less affordable rental homes. Brooklyn and Miami round out the top five.

Of course, there is good news: home ownership is becoming easier for first time buyers and current renters. Lending standards have lessened somewhat, and closing costs have become more affordable with the return of the 3% down payment. EveryHome is always here to help, too! Just give us a call at 215-699-5555!