Philadelphia Real Estate Data

When we look at Philadelphia Real Estate, we are probably talking about the entire metropolitan Philadelphia area. This area is very large. The Philadelphia Metropolitan area includes counties in Pennsylvania, New Jersey and Delaware.

Philadelphia Real Estate Facts
Even though Philadelphia Real Estate usually covers the entire area around Philadelphia, and the City of Philadelphia, we will use data from the City of Philadelphia to get a broad picture of the Philadelphia Real Estate Market. To include the entire Philadelphia Metro area would require a rather long series of articles. The data I am giving comes from the US Census Bureau.

Population and Philadelphia Real Estate- When we consider population and how it relates to the Philadelphia Real Estate market, we want to know if the population is growing, or are residents moving out of the area. If the population is growing it would indicate there are more buyers for the real estate. The buyers of real estate would be the existing population, and the new population moving into the area. If the population is decreasing, then you only have the present population to offer your home to. If we compare the national average of population growth, to the population growth of the City of Philadelphia, we will get a good indication of how the Philadelphia Real Estate market is doing. The population of the United States grew by 6.4% from 2000 to 2003. That is a good indication that people want to move to this country. The population of the City of Philadelphia declined by 2.5% for the same time period. Not only is the the outlook for the residents of Philadelphia, who would buy Philadelphia Real Estate bleak, it has not kept up with the national average of growth. Basically, there are a lot of people moving to the United States, but not to the City of Philadelphia. This of course is bad for the Philadelphia Real Estate market.

Home ownership and Philadelphia Real Estate- Lets face it, if everyone in the Philadelphia Real Estate market area owned their home it would indicate the rental market doesn't exist. On the other end of the spectrum, if everyone rented their homes, there would be a strong rental market for homes. By comparing the home ownership of the United States with the City of Philadelphia, we can determine if the Philadelphia Real Estate market is more for rentals, or for house sales. In the United States in the year 2000, 66.2% of the population owned the home they were living in. In the City of Philadelphia, only 59.3% owned the home they were living in. This would indicate the Philadelphia Real Estate market is more of a rental market then the rest of the nation.

Value of homes and Philadelphia Real Estate- There are many local factors that would effect the value of Philadelphia Real Estate. Even so, by looking at the national average of the value of a home, and comparing it to the average home price in the City of Philadelphia, we can determine whether Philadelphia is a cheaper place to live. The median price for a house in the United States is $119,000. The median price for a house in the City of Philadelphia was $59,700. This would indicate that the Philadelphia Real Estate would be cheaper to purchase then most places in America. This doesn't make sense, since we already stated, people are moving out of the city, not into the city.

Household Income and Philadelphia Real Estate- What a resident makes as an income, determines the price they can pay for a house. If you compare the national average income to the income of the resident in the Philadelphia Real Estate area, you can determine the price house the resident can afford. Without even looking at the numbers, we already know the median house cost in the Philadelphia Real Estate area is below the nation average. We can almost guess that the income will be lower also. The median income in the United States in the year 1999 was $44,334. The median income of the resident of the City of Philadelphia was $30,748 in the same year. This would explain why the Philadelphia Real Estate has a value that is less than the national median.

Summary of Philadelphia Real Estate- Although I used older numbers to get a quick outlook of the Philadelphia Real Estate Market, you can get a good picture of what the market is about. Of course you can find more up-to-date information, but I don't think it will change that much. From the data we can determine the Philadelphia Real Estate scene is not a good one.