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.
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.
1822 Pine St. (above) | 6 beds, 5 full, 1 half baths, 6,688 square feet, $2,295,000. Monthly mortgage payment: $9,192
866 N. Leithgow St. | 3 beds, 2 full, 1 half baths, 2,028 square feet, $539,500. Monthly mortgage payment: $2,215
1261 N. 26th St. | 3 beds, 2 full, 1 half baths, 2,688 square feet, $664,000. Monthly mortgage payment: $2,781
149-51 W. Laurel St., Unit B | 3 beds, 3 baths, 1,923 square feet, $479,900. Monthly mortgage payment: $2,428
1810 Rittenhouse Square, Apt. 1710 | 3 beds, 2 baths, 1,710 square feet, $725,000. Monthly mortgage payment: $3,036