More and more people are moving to the city of brotherly love, Ivel Turner says.
Just about the entire country could have been considered a hot real estate market post pandemic, as much of the nation saw fast rising prices on homes and rising rents. And for cities like Austin, Nashville, and Brooklyn, New York, a reputation as the next great place to live came along with the high prices.
But Philadelphia? The city of brotherly love was often overlooked as the next big investment opportunity for many investors. And that, experts say, is a mistake.
For Philadelphia is more than cheesesteaks and Rocky statues. So much more.
It is a cultural and artistic hub, attracting world class artists, restauranteurs, musicians, and festivals. With a nationally recognized art museum, a plethora of historic sites that factor prominently in our nation’s history, and a thriving waterfront district, Philly is fast becoming a much-desired moving destination for millennials and Gen Zs.
The economic and cultural core of the Delaware Valley, the city is the 8th largest metropolitan area in the United States. And though, just like in the rest of the United States, housing and rental prices in Philadelphia rose during the pandemic, the market has begun to regulate, creating excellent potential for investors.
“Now is a great time to invest in Philadelphia,” says Ivel Turner, founder of Oasis Realty Investment Group, a national real estate investment firm. “Philadelphia ranks as of the most affordable places to live in the United States, according to Kiplinger Finance. And as the market cools, it’s a smart time to buy.”
“Real estate is a historically good investment,” Turner adds. “And Philadelphia has all the markers of a city that is growing in popularity and live-ability. Young professionals and even young families want to move to Philadelphia.”
Founded in 1862 by William Penn, the city is one of the oldest in the country. That history is evident in its many charming cobblestone streets, beautiful townhomes, and historic squares.
The economy of Philadelphia is also one of the most varied in the nation, with core business in the area centered around finance, biotechnology, health care, trades, transportation, information technology, oil refining, and food processing. That kind of economic diversity provides job stability and opportunity to a growing population.
In fact, many former New Yorkers have chosen Philadelphia as their new home post pandemic. With plenty of jobs, more space and more affordability than many metropolitan other metropolitan areas, matched with a vibrant arts and cultural scene, Philly is finally getting the recognition it deserves.
And as housing prices stabilize, the risk of overpaying for an investment is unlikely.
“The city of Philadelphia provides a fantastic opportunity for the smart real estate investor,” says Oasis’ Turner. “New college graduates, young professionals and families are flocking to the area for sporting events, parades, conventions and concerts. Not to mention the city’s easy walkability and quick access to public transportation.”
“NOW is the time to consider Philadelphia,” he says. “It could be your next great investment.”
