What’s one of the biggest concerns homebuyers-to-be think about before they start house hunting? It’s usually along the lines of figuring out where they can get the best deal, and where their money can go the farthest.
But there’s much more than just the price of the home to think about—when it comes to nailing down a specific neighborhood in a location you’re after, you want to make sure it has a healthy combination of factors that would make the ideal place for a first-time home buyer: affordability, safety, and convenience.
After analyzing the above factors, we here at Movoto Real Estate crunched some numbers and created a ranking of the 10 best Philadelphia neighborhoods for first-time home buyers:
1. City Center West
2. City Center East
3. Fairmount-Spring Garden
4. Schuylkill Southwest
5. Wharton-Hawthorne-Bella Vista
6. Poplar-Ludlow-Yorktown
7. Riverfront
8. Pennsport-Whitman-Queen
9. Cobbs Creek
10. Chestnut Hill
How did we arrive at this list, you ask? It was simple (if you like numbers). We ranked Philly’s neighborhoods in order from one to 18 in the important home buying factors we listed above: affordability (median household income to median sale price ratio), amenities within a mile, and violent crimes per person.
We used Areavibes.com, the U.S. Census’ 2009-2012 American Community Survey, and the 2012 FBI Uniform Crime Report to gather our data. Ready to check out the top 10?
1. City Center West
Rankings Affordability: 1st • Amenities: 1st (tie) • Safety: 1st (tie)
An unsuspecting home buyer might be surprised to find out that the top-ranked neighborhood in Philadelphia is indeed City Center West. This sure puts the thought that city living is too expensive to rest.
Tied for first across two categories, and ranking absolute first in affordability, City Center West makes a strong case for planting your roots.
Not only is this area safe, but it also brims with all the amenities you’ll need within a one-mile radius—from supermarkets and public transportation to parks and schools.The Philadelphia Museum of Art, Citizens Bank Park, and Rittenhouse Square are all just a stone’s throw away.
2. City Center East
Rankings Affordability: 2nd • Amenities: 1st (tie) • Safety: 1st (tie)
Just next door, City Center East takes the second spot on our list. With just as many amenities as its neighbor (over 200 within a one-mile radious), City Center East ranked just slightly less affordable taking the second place spot overall.
Home of Chinatown, Washington Square Park, and some great shopping districts with cobblestone streets, this downtown area is always bustling.
3. Fairmount-Spring Garden
Rankings Affordability: 6th • Amenities: 1st (tie) • Safety: 1st (tie)
The perfect mix of cultural attractions and diverse residential areas, Fairmount-Spring Garden came in sixth in terms of affordability. Many of the houses in this neighborhood are charming brownstones townhomes.
This area also boasts a handful of museums, a library, and a lot of green park space right along the Schuylkill River. Five of our top 10 Philly neighborhoods tied for first in terms of safety, and Fairmount-Spring Garden is one of them.
4. Schuylkill Southwest
Rankings Affordability: 5th • Amenities: 1st (tie) • Safety: 6th
Another walkable neighborhood right near downtown is Schuylkill Southwest. Just following the five-way tie for first in terms of safety, this neighborhood comes in second safest of the top 10 and sixth safest overall.
Nestled beside the Schuylkill River, the properties here tend to come in rowhouses that line the river. It has a great mixture of shops and green outdoor space along the riverbank. There are also multiple schools within a one-mile radius.
5. Wharton-Hawthorne-Bella Vista
Rankings Affordability: 4th • Amenities: 1st (tie) • Safety: 11th
More towards the east side of Philly is the Wharton-Hawthorne-Bella Vista area, which came in fourth place in terms of affordability and more towards the middle of the pack of the top 10 (11th overall) in terms of safety.
Bella Vista has an Italian feel, and Anthony’s Italian Coffee House and Sabrina’s Cafe are just a few of the many gems this neighborhood has to offer. Open air markets and fresh produce stands are plentiful. There’s also a great dog park for those with furry friends.
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6. Poplar-Ludlow-Yorktown
Rankings Affordability: 4th • Amenities: 1st (tie) • Safety: 1st (tie)
If you’re looking for an affordable area that’s not quite right in the city center, this neighborhood ranked third overall in terms of affordability. It comes at the cost of safety, with Poplar-Ludlow-Yorktown ranking second worst out of the top 10 for crimes (but still only 23rd overall).
Although the high school graduation rate in this area is just a touch lower than the average for the city of Philly, a few of the schools in the neighborhood were listed on the National Register of Historic Places.
Temple University and Progress Plaza, a shopping and dining mall, are also within walking distance. When you get more toward the north side of this neighborhood (Queen Village), trendy boutiques and coffee shops spring up.
7. Riverfront
Rankings Affordability: 20th • Amenities: 7th • Safety: 1st (tie)
The first neighborhood on this list so far to not be tied for first in terms of amenities is Riverfront (while still ranking pretty high at seventh overall). This area has many luxury high rises and condos.
The least affordable of our top 10, Riverfront came in 20th overall in this respect (although the income here per capita is rather high). And like its name claims, Riverfront is situated right along the Delaware River. The Delaware River Trail is a great place for joggers and bikers alike.
8. Pennsport-Whitman-Queen
Rankings Affordability: 8th • Amenities: 22nd • Safety: 16th
Of the top 10, this strong, community-based neighborhood is more towards the middle of the pack in terms of affordability and towards the end when it comes to amenities (but still has 150 within a one-mile radius).
The architecture of the homes here is stunning, with many having stand-out features like large bay windows, ornate accents, and glass mosaics.
This area is located on the eastern side of the city near the Delaware River and is minutes away from Columbus Boulevard and Interstate 95, where there are endless shopping and dining options.
9. Cobbs Creek
Rankings Affordability: 7th • Amenities: 13th • Safety: 27th
Located in West Philly, Cobbs Creek is a bustling neighborhood that has its quieter areas, especially along the creek. While it placed at the very bottom of the top 10 list in terms of safety, crime here is still better than 60 percent of Philly neighborhoods in general.
Cobbs Creek Park is a great place for families with children and is also home to an environmental center, hiking trails, and an ice skating rink. The neighborhood is also close to University City, home to University of Pennsylvania, Drexel University, and University of the Sciences in Philadelphia.
10. Chestnut Hill
Rankings Affordability: 1st • Amenities: 1st • Safety: 1st
Resembling more of a suburb than a city, Chestnut Hill is a favorite when it comes to commuter neighborhoods. Located in the northwestern portion of the city, Chestnut Hill has a remote, residential feel filled with parks and scenic views.
Many of the homes are single-family colonial-style and feature large yards lined with flowerbeds. Public transportation is rather scarce in this part of town, so owning a car is advised.
Of the top 10, it came in second worst in terms of affordability only behind Riverfront, but tied with a few others for best in terms of crime (with only 440 violent crimes per 100,000 people).
Philly Is The Place To Buy
With Philly’s job market continuously expanding, rent prices are being driven up. This, and the sheer fact that there are so many homes on the market, make it the perfect time to buy a home here rather than rent.
If you take out 30-year fixed loan of $175,000 at a 4.5 percent interest rate, you can expect your average monthly mortgage payment to be somewhere around $900.
Although this estimation doesn’t include taxes or any mortgage insurance you might need, it still appears to be a better move than paying the median rent price of $1,300 that could keep increasing as the years pass.
Ready to look at homes in Philly? We’ve got you covered. Just get in touch with a Movoto Certified Partner Agent, and they’ll answer every burning buying question you can think of.
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