Tips on buying a new home in Philadelphia, PA
Philadelphia, PA - New Home Market Profile
A city rich in American political history, Philadelphia ("the city of brotherly love") is the largest city in Pennsylvania and the 6th most populous city in the United States. "Philly," as the town is lovingly known by locals, is particularly notable for its colonial architecture and national historic sites such as Independence Hall and the First and Second Banks of the United States. Compared to other cities similar in location and size, Philadelphia has a particularly diverse population, including the second largest Irish, Italian, and Jamaican populations and the fourth largest African American population in the nation.
Home to the country's first zoo and hospital, Philadelphia is also one of the largest college towns in the United States, with over 300,000 university students enrolled at schools such as University of Pennsylvania and Temple University. Philly has a long history of professional sports teams, and fans love cheering on the Philadelphia Eagles and 76ers. Philadelphia serves as a hub for several major rail companies, including the Reading Railroad and Pennsylvania Railroad. The city is one of few in North America to maintain streetcar lines to this day.
Population (year 2000): : 1,517,550
Estimated median household income in 2005: $32,573 (it was $30,746 in 2000)
Climate: Philadelphia falls in the humid subtropical climate zone, although it is the northernmost U.S. city that falls in this classification. Because Philadelphia lies in the northern end of this zone, some of its outlying suburbs, especially to the north and west, fall in the humid continental zone. Summers are typically hot and muggy, fall and spring are generally mild, and winter is cold. Snowfall is variable, with some winters bringing moderate snow and others bringing some significant snowstorms.
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Philadelphia Real Estate Zindex (Provided By Zillow.com):
- Philadelphia: $136,169
- Pennsylvania: $189,514
- United States: $252,485
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Most common industries for males:
- Educational services (9%)
- Public administration (8%)
- Construction (8%)
- Health care (7%)
- Professional, scientific, and technical services (6%)
- Accommodation and food services (6%)
- Finance and insurance (5%)
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Most common industries for females:
- Health care (22%)
- Educational services (12%)
- Public administration (8%)
- Professional, scientific, and technical services (7%)
- Finance and insurance (6%)
- Accommodation and food services (6%)
- Social assistance (5%)
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Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".