Philadelphia, PA variant. This is a Philadelphia, PA-specific version of the Rent vs Buy Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Rent vs Buy Calculator.
In Philadelphia, renting costs about $1,750/month while owning the $235,000 median home runs roughly $1,443/month all-in - the gap drives the rent-vs-buy decision.
Rent vs. buy in Philadelphia
Owning includes P&I (≈ $1,188), property tax (≈ $186), and insurance - about $1,443/month before maintenance, versus $1,750 to rent.
Buying wins when you stay long enough to amortize the $47,000 down payment and closing costs, and when appreciation plus equity outpace the rent you'd otherwise pay.
About Philadelphia, PA
Philadelphia imposes a city wage tax on residents and on people who work within the city, adding to the Pennsylvania state income tax.
Philadelphia offers relatively affordable home prices compared with other large East Coast cities, making homeownership more accessible.
Philadelphia's economy is built around education, healthcare, and professional services, with major universities and hospital systems as anchors.
Worked example: monthly comparison
Own ≈ $1,443/mo vs. rent $1,750/mo - a $307 savings to own. Factor in the $47,000 down payment and expected years in the home.
Quick reference
- Median home value: $235,000
- Median rent: $1,750/mo
- Median household income: $60,302
- Local sales tax: 8%
- City income tax: 3.75%
- Effective property tax rate: 0.95%
- Cost of living index: 105 (US avg = 100)
Frequently Asked Questions
Is it better to rent or buy in Philadelphia?
Owning runs ≈ $1,443/month vs. $1,750 to rent. Buying favors longer stays that recover the $47,000 down payment and closing costs.
What's the median rent in Philadelphia?
About $1,750 per month.