Although slipping a bit from the number two spot last year, a recent report prepared by a website specializing in personal finance found Philadelphia to be one of the top ten most “undervalued” cities in the country, coming in at number eight. In the survey, an “undervalued” city is one in which a person buying a home in that city will likely get more out of their real estate investment in the city than the are likely to put in.
Generally, those who prepared the survey first averaged the price of residential real estate per square foot. They then evaluating other factors and determined how much the city’s real estate was “actually” worth per square foot.
To evaluate the actual square foot value of Philadelphia’s real estate, the surveyor considered things like the level of education of the residents, the crime rate and the unemployment rate, what sort of things there were to do in the city at night how easy it was to get around the city on foot, thereby saving transportation costs.
Although many of the other cities on the top ten “undervalued’ cities list were in other parts of the country, one other Pennsylvania city, Pittsburgh, made the list, coming in at number three overall. What these survey results mean is that Philadelphia has a lot to offer as a place to live, making it a good market for buyers and sellers to trade residential property. Of course, when there is a looming purchase or sale of a home in the area, getting the help of an experienced real estate attorney may be a good idea.
Source: Philly Voice, “Philadelphia ranks as one of nation’s ‘most undervalued cities’ website finds,” Patricia Madej, July 6, 2017