It's Cheaper To Buy Than Rent In Philadelphia, Forbes Says

PHILADELPHIA – Good news for budding homeowners in Philadelphia – and bad news for renters: a new report from Forbes says it's cheaper to buy than rent in the City of Brotherly Love.

According to Forbes, which used Zillow data to generate its findings, Philadelphia is one of three cities in the nation where a mortgage payment likely costs less than monthly rent.

The new report, 3 Best Places Where It's Cheaper To Own A Home Than Rent, lists Chicago, Philadelphia, and Detroit as the three best.

According to Forbes, Philly's median rent is $1,422 while the monthly mortgage payment median is $1,049, meaning the average homeowner has roughly $370 more in their pockets than an average renter.

"Although single-family homes have been climbing in price since last year, they’re still quite affordable in the grand scheme of things," Forbes writes.

The outlet goes on to say an average single-family home in Philadelphia is only $195,000.

"[Chicago, Philadelphia, and Detroit] have seen a revival, or potential for revival, as sectors like healthcare and education have grown to fill the gap left by deindustrialization," according to Forbes.

See the full report here.

Image via Shutterstock