Finding Home in Philadelphia: Discovering This Historic City
It is not surprising that tens of thousands of individuals have relocated to Philadelphia, the City of Brotherly Love. Philadelphia is the sixth-largest city in the United States, but because of its strong sense of community and local pride, it could feel much cozier than one may expect.
Philadelphia is home to numerous American monuments, including the Liberty Bell and Independence Hall. It has its own set of traditions, language, and food, such as the famous Philly cheesesteak.
Read on to discover more about Philadelphia today and understand why it could be your next home.
Philadelphia, a Metropolis with a Rich History
Many of Philadelphia's homes are centuries old. There are both positive and bad aspects. Every community has beautiful stone facades and Victorian "gingerbread" houses.
Many older houses have septic, electrical, and roofing problems. Knob and tube wiring were prevalent in Philadelphia homes from the 1880s to the 1930s. This wiring is hazardous, and it will result in higher insurance rates.
As a result, an experienced local real estate agent can spot any problems before the sale and ensure that the vendor either makes the necessary repairs or deducts the cost from the sale price.
Home and Properties in Philadelphia Are Great Investments
Investors are drawn to the metropolis. Unlike in many big cities, there is affordable housing within the city limits. Compare the average house price in Philadelphia of $290,000 to the average home price in Washington, DC, of $675,000. Because it continues to appreciate, Philadelphia real estate is both affordable and an excellent investment.
It is one of the metropolitan areas nearest to New York City, with a 57% lower cost of living and a 79% lower cost of housing. Every year, thousands of New Yorkers relocate to Philadelphia in quest of a better work-life balance and urban accessibility.
The Friendly Philadelphia Is Simple to Navigate
The SEPTA system in Philadelphia is among the finest in the country. Suburban workers can commute straight to work using the subway, bus, tram, and regional railroads.
Uber and Lyft are inexpensive, and many neighborhoods are within walking distance of the central business center. Philadelphia is also a bike-friendly city.
Understanding Taxes and Costs in Philadelphia
In large cities, taxes can have an effect on budgeting. Meanwhile, Philadelphia taxes offer the following:
Homeowners will pay 1.3998 percent of their property's assessed worth.
The property sale tax is 4.278%. This is typically shared by the customer and the vendor.
The municipal wage tax in Philadelphia is 3.79% for residents and 3.44% for non-residents.
Philadelphia has a high tax burden per capita but a low expense of living, making it a reasonably priced city. At the time of this writing the Homestead exemption reduces a property’s assessed value by $80,000. Most homeowners will save about $1,119 a year on their Real Estate Tax bill starting in 2023.
Getting to Know the Dedicated Philadelphia Community Districts
Philadelphia has close-knit neighborhoods as a result of community loyalty. Each of the city’s fifty-five communities and surrounding regions has its own distinct personality. It is beneficial to become acquainted with nearby neighborhoods because their atmospheres can differ greatly.
If you are new to the region, tell your real estate agent about your lifestyle and preferences. Your agent can suggest Philadelphia areas that meet your requirements.
Philadelphia: A Prime City for Foodies
Over half of all foodies in the United States are satisfied by Philadelphia's extensive restaurant scene. Our foodie neighborhood tour includes some of the trendiest areas for exclusive bistros and exceptional experimental cuisine, but every neighborhood has incredible finds.
Many restaurants in Philadelphia are BYOB and cork-free, so bring your favorite Merlot to pair with your meal. Licenses to sell alcoholic beverages are difficult to acquire.
The cheesesteaks and pretzels in Philadelphia are must-tries. The Reading Terminal Market, established in 1892, is one of several neighborhood markets. Food is sold by Amish market sellers.
Conclusion
Now, you might be planning to relocate to another city. Well, one thing we have to say is that Philadelphia could be it. This beloved city provides affordable entertainment, dining, and lodging–all of which could fit well into your lifestyle, budget, and quality of life. What more could you ask for?
Do you have plans to move to Philadelphia? Steven Ohm Realty is a certified real estate professional in Philadelphia. Contact our team today to start your new life in Philadelphia!
