{"id":578,"date":"2015-03-11T21:48:54","date_gmt":"2015-03-11T21:48:54","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=578"},"modified":"2015-03-11T21:48:54","modified_gmt":"2015-03-11T21:48:54","slug":"why-buy-vs-rent-in-philadelphia-v1","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/","title":{"rendered":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead"},"content":{"rendered":"<p>We\u2019re letting you in on a huge secret\u2014you\u2019re not too young to think about buying a home in <a href=\"https:\/\/www.movoto.com\/philadelphia-pa\/\" target=\"_blank\" rel=\"noopener\">Philadelphia<\/a>. Market data shows that now\u2019s the right time to invest in your future in this fast-growing home buyer&#8217;s haven. In terms of affordability, Pennsylvania\u2019s capital knocks it out of the park.<\/p>\n<p>Home values in Philadelphia are likely to increase over the next few years, but prices currently remain affordable with the majority of homes for sale hovering below the $140,000 range. Additionally, with interest rates being the lowest they\u2019ve been in some time, just a bit of simple math tells us that buying in <a href=\"https:\/\/www.movoto.com\/pa\/\" target=\"_blank\" rel=\"noopener\">Pennsylvania<\/a>is a better deal than renting.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/s3.amazonaws.com\/fthb\/2015\/03\/buy-in-raleigh\/couple3.png\" alt=\"Why You Should Buy A Home In Raleigh Instead Of Rent\" style=\"width:600px;\"\/><\/p>\n<div class=\"source\">Source: Flickr user North Charleston<\/div>\n<h2> Why Buy In Philadelphia? <\/h2>\n<p>You might be surprised to find out that the average Philadelphia renter shells out about $900 a month to their landlord, while most homeowners only pay around $650 to $700 monthly for their mortgage payment.<\/p>\n<p>Suddenly renting doesn\u2019t seem so great after all, especially when you see that most of the costs associated with buying (like the 20 percent down payment, maintenance, and taxes) are actually included in that $650-700 mortgage payment.<\/p>\n<p>That\u2019s right\u2014the above numbers compare the total cost of buying with the total cost of renting.<\/p>\n<p>When you compare the price of renting to the price of buying, it shows that if you\u2019re still renting in Philadelphia, you\u2019re losing money.<\/p>\n<h2> Renting Vs. Buying <\/h2>\n<p>If the above isn\u2019t already enough to convince you that Philadelphia is a great place to buy, the benefits of owning might just sway you.<\/p>\n<p>While renting certainly has its pluses with the flexibility to move around as you please and the luxury of having a landlord to fix things for you (if you\u2019re lucky), buying lends you deeper rewards.<\/p>\n<p>The benefits of owning a home are limitless, and when you own a home:<\/p>\n<li><b>You have the ability to customize it. <\/b>From hanging pictures on your wall to doing major remodeling, you have free reign over your home.<\/li>\n<li><b>You lock in your cost of living. <\/b>A mortgage can help you escape monthly rental increases, which acts as a hedge against inflation.<\/li>\n<li><b>You build up equity. <\/b>While your monthly rent goes to your landlord never to be seen again, your monthly mortgage payments are helping you increase your personal wealth. As time passes, the value of your home should increase.<\/li>\n<\/ul>\n<h2> How Do I Get Started? <\/h2>\n<p>Though you may feel like you\u2019re far off from getting started, the beginning steps of the home buying journey really help you to lay the groundwork for the rest of the process and give your path direction.<\/p>\n<p>You can kickstart your home buying process by getting your finances in check, knowing your borrowing abilities, and getting an estimate of what your monthly mortgage payments might look like.<\/p>\n<ul>\n<li><b>Really get to know your financial situation. <\/b>Think about your income and your debts relative to the specific market you\u2019re hoping to buy in.<\/li>\n<li><b>Research the location you\u2019re looking to buy in. <\/b>If you\u2019re fresh out of school, have a lot of debt, or are in a lower income bracket, buying a house in a totally overpriced market might not make sense, while buying a home in Philadelphia could be perfect.<\/li>\n<li><b>Know your credit score\u2014and if it\u2019s bad, improve it.<\/b> The better your credit, the better chance you\u2019ll have of a lender making you a loan. Another general rule is that the higher your credit, the lower interest rates you\u2019ll be offered. Having as low of an interest rate as possible is best, since it means you\u2019ll be paying less monthly and you\u2019ll owe less altogether. <\/li>\n<\/ul>\n<h2> Ready To Take The First Steps? <\/h2>\n<p>We\u2019re here to help you start the journey of owning a home in Philadelphia. Provide us with your email address below, and we\u2019ll start sending you home buying tips and advice to guide you every step of the way.<br \/>\n<center><\/p>\n<table cellpadding=\"20\">\n<tr>\n<td align=\"center\" bgcolor=\"#ffff99\">\n<center><b>Subscribe to our FREE tips email<\/b><\/center><br \/>\n<center><p class=\"wpcf7-contact-form-not-found\"><strong>Error:<\/strong> Contact form not found.<\/p><\/center><\/td>\n<\/tr>\n<\/table>\n<p><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re letting you in on a huge secret\u2014you\u2019re not too young to think about buying a home in Philadelphia. Market data shows that now\u2019s the right time to invest in your future in this fast-growing home buyer&#8217;s haven. In terms of affordability, Pennsylvania\u2019s capital knocks it out of the park. Home values in Philadelphia are likely to increase over the next few years, but prices currently remain affordable with the majority of homes for sale hovering below the $140,000 range. Additionally, with interest rates being the lowest they\u2019ve been in some time, just a bit of simple math tells us [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinions","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why You Should Stop Renting In Philadelphia And Buy A Home Instead<\/title>\n<meta name=\"description\" content=\"Start moving in the right direction today.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why You Should Stop Renting In Philadelphia And Buy A Home Instead\" \/>\n<meta property=\"og:description\" content=\"Start moving in the right direction today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-11T21:48:54+00:00\" \/>\n<meta name=\"author\" content=\"Movoto Editorial Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Movoto Editorial Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\"},\"author\":{\"name\":\"Movoto Editorial Team\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/06693b6bfbd6fec38952da620bd47c0e\"},\"headline\":\"Why You Should Stop Renting In Philadelphia And Buy A Home Instead\",\"datePublished\":\"2015-03-11T21:48:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\"},\"wordCount\":702,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Opinions\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\",\"url\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\",\"name\":\"Why You Should Stop Renting In Philadelphia And Buy A Home Instead\",\"isPartOf\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-03-11T21:48:54+00:00\",\"description\":\"Start moving in the right direction today.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.movoto.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Why You Should Stop Renting In Philadelphia And Buy A Home Instead\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#website\",\"url\":\"https:\/\/www.movoto.com\/blog\/\",\"name\":\"Movoto Blog\",\"description\":\"Jump-start your real estate journey with expert guidance\",\"publisher\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.movoto.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#organization\",\"name\":\"Movoto by OJO\",\"url\":\"https:\/\/www.movoto.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2022\/04\/movoto-by-ojo-blog.png\",\"contentUrl\":\"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2022\/04\/movoto-by-ojo-blog.png\",\"width\":220,\"height\":100,\"caption\":\"Movoto by OJO\"},\"image\":{\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/MovotoRealEstate\/\",\"https:\/\/x.com\/movoto\",\"https:\/\/www.instagram.com\/movotorealestate\/\",\"https:\/\/www.linkedin.com\/company\/movoto\",\"https:\/\/www.pinterest.com\/movoto\/\",\"https:\/\/www.youtube.com\/user\/movotorealestate\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/06693b6bfbd6fec38952da620bd47c0e\",\"name\":\"Movoto Editorial Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f61431c9d28f042e0ef7d955ee3844a375bfe80a21e14f5f20e2045633240dd4?s=96&d=monsterid&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f61431c9d28f042e0ef7d955ee3844a375bfe80a21e14f5f20e2045633240dd4?s=96&d=monsterid&r=g\",\"caption\":\"Movoto Editorial Team\"},\"sameAs\":[\"https:\/\/www.movoto.com\/\"],\"url\":\"https:\/\/www.movoto.com\/blog\/author\/revans\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead","description":"Start moving in the right direction today.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/","og_locale":"en_US","og_type":"article","og_title":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead","og_description":"Start moving in the right direction today.","og_url":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/","og_site_name":"Movoto Blog","article_publisher":"https:\/\/www.facebook.com\/MovotoRealEstate\/","article_published_time":"2015-03-11T21:48:54+00:00","author":"Movoto Editorial Team","twitter_card":"summary_large_image","twitter_creator":"@movoto","twitter_site":"@movoto","twitter_misc":{"Written by":"Movoto Editorial Team","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#article","isPartOf":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/"},"author":{"name":"Movoto Editorial Team","@id":"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/06693b6bfbd6fec38952da620bd47c0e"},"headline":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead","datePublished":"2015-03-11T21:48:54+00:00","mainEntityOfPage":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/"},"wordCount":702,"commentCount":0,"publisher":{"@id":"https:\/\/www.movoto.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage"},"thumbnailUrl":"","articleSection":["Opinions"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/","url":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/","name":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead","isPartOf":{"@id":"https:\/\/www.movoto.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage"},"image":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage"},"thumbnailUrl":"","datePublished":"2015-03-11T21:48:54+00:00","description":"Start moving in the right direction today.","breadcrumb":{"@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/www.movoto.com\/blog\/why-buy-vs-rent-in-philadelphia-v1\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.movoto.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Why You Should Stop Renting In Philadelphia And Buy A Home Instead"}]},{"@type":"WebSite","@id":"https:\/\/www.movoto.com\/blog\/#website","url":"https:\/\/www.movoto.com\/blog\/","name":"Movoto Blog","description":"Jump-start your real estate journey with expert guidance","publisher":{"@id":"https:\/\/www.movoto.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.movoto.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.movoto.com\/blog\/#organization","name":"Movoto by OJO","url":"https:\/\/www.movoto.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.movoto.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2022\/04\/movoto-by-ojo-blog.png","contentUrl":"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2022\/04\/movoto-by-ojo-blog.png","width":220,"height":100,"caption":"Movoto by OJO"},"image":{"@id":"https:\/\/www.movoto.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/MovotoRealEstate\/","https:\/\/x.com\/movoto","https:\/\/www.instagram.com\/movotorealestate\/","https:\/\/www.linkedin.com\/company\/movoto","https:\/\/www.pinterest.com\/movoto\/","https:\/\/www.youtube.com\/user\/movotorealestate"]},{"@type":"Person","@id":"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/06693b6bfbd6fec38952da620bd47c0e","name":"Movoto Editorial Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.movoto.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f61431c9d28f042e0ef7d955ee3844a375bfe80a21e14f5f20e2045633240dd4?s=96&d=monsterid&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f61431c9d28f042e0ef7d955ee3844a375bfe80a21e14f5f20e2045633240dd4?s=96&d=monsterid&r=g","caption":"Movoto Editorial Team"},"sameAs":["https:\/\/www.movoto.com\/"],"url":"https:\/\/www.movoto.com\/blog\/author\/revans\/"}]}},"featured_media_src_url":null,"_links":{"self":[{"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/posts\/578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/comments?post=578"}],"version-history":[{"count":0,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/posts\/578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/media?parent=578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/categories?post=578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.movoto.com\/blog\/wp-json\/wp\/v2\/tags?post=578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}