5 Fabulous Homes You Can Own for Less than Renting

Forbes magazine says you can save more by owning here than in any other city save Chicago. (Or maybe more than even in Chicago.) That's true even if you're looking at the top of the market.


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Photo: Joe Alfano via Keller Williams Philly

A recent post on Forbes, updating figures from a GOBankingRates study this past summer, notes that you can save a bundle here by buying rather than renting your home. In fact, the article states, homeowners here pay less than renters in every one of the 50 largest U.S. cities save one — Chicago.

And based on the median rent and house price figures published in that post, Philly homeowners save more than even Chicagoans do. The median-priced apartment here rents for $1,422 per month, while the monthly mortgage payment for the median-priced house is $1,049, assuming a 20 percent down payment and a 30-year mortgage with an interest rate at the Pennsylvania average of 4.78 percent. That’s a savings of $373 per month, edging out the $344 Chicagoans save.

Turns out what’s true at the median is true at the top too. We went back through our recent listings to see what houses we could find that were comparable to our 5 Most Expensive Apartments For Rent in Philadelphia as of September. These houses and condos, all featured here recently, have lower mortgage payments than at least four of the five.  Four of them are cheaper than all five.

Elegant 1845 Townhouse in Rittenhouse Square

1822 Pine St. (above) | 6 beds, 5 full, 1 half baths, 6,688 square feet, $2,295,000. Monthly mortgage payment: $9,192


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Image via Houwzer

High-Tech Modern Townhouse in Northern Liberties

866 N. Leithgow St. | 3 beds, 2 full, 1 half baths, 2,028 square feet, $539,500. Monthly mortgage payment: $2,215


Image via Space & Company

Reimagined Carriage House in Brewerytown

1261 N. 26th St. | 3 beds, 2 full, 1 half baths, 2,688 square feet, $664,000. Monthly mortgage payment: $2,781


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Bright MLS image via Weichert, Realtors

Contemporary LEED Platinum Condo in Northern Liberties

149-51 W. Laurel St., Unit B | 3 beds, 3 baths, 1,923 square feet, $479,900. Monthly mortgage payment: $2,428


Image via BHHS Fox & Roach Realtors

High-Floor Condo With Great Views in Rittenhouse Square

1810 Rittenhouse Square, Apt. 1710 | 3 beds, 2 baths, 1,710 square feet, $725,000. Monthly mortgage payment: $3,036