Philadelphia is rich with possibility when it comes to finding the right places to invest in real estate. Whether you’re looking to do a quick fix and flip, purchasing rental property or think you can simply buy low and sell high on an existing property, The City of Brotherly Love is the perfect spot. Its economy is decent and its job prospects are high, meaning you can find some good deals in up-and-coming neighborhoods. But where are these neighborhoods, and what makes them better than the rest?
Let’s take a minute and walk through what makes Philadelphia, PA, a good investment possibility, as well as which neighborhoods are the best for locating real estate investment properties.
What Makes Philadelphia the Right Place to Invest?
Philly’s economy is a great indicator for making it a real estate investment hotspot. It’s not that the economy is booming; instead, the economy has been dependably growing, slowly but steadily, for years now. And it isn’t expected to stop any time soon. This makes Philly a low-risk option for real estate investing, and real estate investments have a strong potential to greatly appreciate.
Job prospects are also solid in Philadelphia right now. In 2017, the job rate there grew faster than the national average. And as for their unemployment rate, it has been going down faster than anywhere else in the country. These two facts combined lend credence to the notion that Philly can expect to see a rise in property values, meaning your investments there should yield decent returns. Plus, their population is growing, adding more wealth to the city and a greater need for housing.
The Top Neighborhoods for Real Estate Investment in Philadelphia
This sizable neighborhood in West Philadelphia is starting to find its groove again. Once the city’s most integrated neighborhood, it has spent the past decade revitalizing itself. It’s perfect for families and singles alike. And commuters can easily get where they need to go with a wide selection of buses, trains and trolleys.
Once a classic working-class town, Fishtown has recently reinvented itself as a haven for art, music and food. Safe and fun, residents there enjoy a short commute to downtown Philly, as well as a lively nightlife packed with restaurants and bars. It is also experiencing a continued influx of new, young residents.
Near the top end of Philly lies Chestnut Hill, a former blue-collar area now bustling with a new generation of residents and business owners. This idyllic enclave has intentionally transformed itself, actively seeking out the right mix of local boutiques and restaurants. Known as the Garden District, it is close to downtown without being too close, and it hosts a variety of museums, parks and theaters.
This up-and-coming neighborhood features some of the lowest rents in the city, making it no wonder that so many people are flocking to it. Close enough to downtown for residents to commute with ease, there is a lot of opportunity here. It is both highly walkable and bikeable, and it was recent voted Philly’s hottest neighborhood of 2017.
One of the most diverse neighborhoods in Philadelphia, Germantown is just 20 minutes from Center City, and it boasts a large array of restaurants and stores. There’s also a lot of history here — you’ll see brand new businesses adjacent to 300-year old buildings. There’s a lot of possibilities here for fix and flip investors.
A south Philly neighborhood to the east of the Schuylkill River, Grays Ferry is a prime location for a fix and flip investor. A lot of houses are being rehabbed already, and it’s extremely close to local universities. Plus, it features a lot of friendly people doing a lot of good to better the neighborhood, and a lot of young professionals are moving into the area.
There’s another neighborhood on the rise in West Kensington, where the community is putting in a lot of effort to revitalize itself — where you can see those efforts in the wholly renovated Waterloo Playground. You may also know it as the fictional setting for the film Rocky. Located in north Philadelphia, there’s a lot of possibilities for fix and flip real estate investors.
Packed with myriad new bars, coffee shops and restaurants, Pennsport is on its way up again. With the Delaware River on its east, this riverfront enclave is bursting with new energy, and it’s home to the Mummers — those sequin-covered parades who take to Broad Street every New Year’s Day. It’s both walkable and bikeable, and it has easy access to I-95.
Find Your Dream Neighborhood for Real Estate Investment in Philadelphia, PA
As with any investment, take your time to look around and see what works best with the type of investment you’d like to make. Regardless of which neighborhood you choose, Philly is looking strong for your real estate investment goals.