What a home really costs in Philadelphia County, PA

The local math, in plain English

Philadelphia County’s median home value of $253,600 is about 30% below the U.S. median of $360,600, and its property tax burden (~0.83% of value) is about in line with the national typical (~0.89%). It is one of the five most affordable counties in our 25-county guide (#24 of 25 by median value).

In our example, costs beyond principal and interest make up 38% of the monthly bill: property tax alone is about $175 a month, and PMI adds $114 until you reach about 22% equity.

Existing owners with a mortgage here reported median monthly owner costs of $1,648 (ACS table B25088, which counts mortgage, taxes, insurance, utilities and fees). Many of them bought years ago at lower prices or rates, so a buyer today at the median value should plan on a bigger number: about $2,544 in our example.

For comparison, the median gross rent (rent plus utilities) in Philadelphia County was $1,500 a month. For a 3-bedroom, closer in size to the typical owned home, it was $1,573. In our rent vs buy calculator, using its default assumptions (4.3% appreciation, 3.3% rent growth, 6% investment return, 7.32% rate), buying first pulls ahead in year 19; after 30 years buying is ahead by about $110,000. That’s a model output, not a forecast: a lower rate or a lower investment return can change it, so try your own numbers.