Headlines: Where Does Philly Rank for First Time Home Buyers?

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There’s been a lot of talk recently about the state of the real estate market in Philadelphia. We know that home sales are up across the board in the Second Quarter (good news), but overall, how does Philly stack up to other cities when it comes to the all-important first time home buyer?

A new report from personal finance website WalletHub shows Philly sits smack dab in the middle of the pack at number 31 of a list of 62  “large cities” (over 300,000 people), clustered with a group that includes New Orleans (29), Minneapolis (30), San Antonio (32) and San Diego (33). For what it’s worth, Pittsburgh, with its population around 305,000 people, is ranked 8th on the list of large cities

However, for those first time home buyers looking to live in one of the most populous cities in the the United States, Philly is among the best. Only Houston (15) ranks higher on the list.

WalletHub’s methodology includes metrics in the categories of housing affordability, real-estate market, and living environment. So things like Median Household Income (Adjusted for the Cost of Living), Rent-to-Price Ratio, Sale-to-List Price Ratio, Violent Crime Rate, Total Home-Energy Cost and many other categories factored into the rankings.

So, sure. Philly’s market, previously deemed ambivalent, is still in the middle and we’re trying to make sense of it all. But, Redfin did predict it would have a “sleeper” market in 2015 – “mid-priced [and] with good economies and job opportunities” –, which, given its aforementioned rising numbers, makes us think if ever there was a time to get in while you can, that time might be now.

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