Philadelphia is a vibrant and exciting city. It’s packed with young people, retail districts, mixed-use properties, and rental prospects at every turn. As a result, it has been one of the most consistently high-value real estate markets in the country. And this isn’t poised to change in 2019—in fact, things are looking even brighter for Pennsylvania’s most famous city.
Opportunity won’t translate to investing success without thorough research, however. Understanding trends, values, local demographics, and spending power will all be crucial to your success in the coming year. This guide will help put you on the path to a fruitful and forward-thinking investing experience by providing a comprehensive, data-backed look at three of the city’s most appealing area codes.
19119 – West Mount Airy, Mount Airy, East Mount Airy
The Mount Airy area has the potential to be a profitable venture into Philadelphia’s real estate market. It headlines the list for its varied and digestible lineup of investment opportunities, ranging from apartments and rental properties to sprawling, high-value multifamily homes. The area has something for investors of all skill levels, which isn’t something that can be said of many locales.
Mount Airy West is the more versatile of the area’s halves. Home values range from 107K to a staggering $1.9M. Myriads of properties with varying prices translate to Mount Airy having a lively, ever-changing market. Seasoned investors with large amounts of capital have plenty of room to bag a sizeable payday, and beginners and entry-level individuals have a swath of low-risk properties to begin laying the foundations for a fruitful career.
Mount Airy East isn’t as appealing as its contemporary, but it isn’t without its prospects. It’s a great opportunity for those interested in renting out a property, as there are plenty of young adults with average spending power lining the area. Rent in the area errs towards the mid-thousands, which is wonderful when viewed from a national perspective. All in all, the greater Mount Airy area has something for investors of all kinds.
19121 – Temple University, Brewerytown
Temple University and Brewerytown are defined by their consistency. While the area’s history of low-income earners and limited high-value properties rules out the potential for especially large payouts, it can still be a stellar venture for those looking to keep a reliable stream of income flowing.
The area is bustling—it boasts a dense population and a plethora of recreational activities. It’s also considered a culinary hotspot by locals, so those looking for commercial real estate prospects will have a lot to consider. Likewise, its entertainment scene is lively as well. In investing terms, this means that while the area’s spending power may be limited, it’s certainly capable of keeping businesses alive and thriving. As a result, you can confidently put your money into both commercial and residential property opportunities.
Most will be less excited to hear the area’s average home price—just $146,492. Unfortunately, these prices are also on an, albeit small, decrease of about 0.3%. While this may be off-putting for some, the area is actually in the early stages of a comeback. Many of the homes in the area are coming off of remodeling efforts. The same can be said for commercial properties. This effort may spell an upswing for the locale in 2019, but it’s too early to be sure. Keep an eye on the area in the latter half of the year—it may prove fruitful.
19122 – Olde Kensington, South Kensington, Norris Square
To cap things off, the Kensington and Norris Square areas are ripe with opportunity. Commercial properties are the area’s largest draw. It’s located near a well-reviewed school district, and locals commend the area’s safety and easy-access infrastructure.
Listing prices are between $84.9K and $1.25M. These values speak to a healthy stream of financially stable adults. And that translates to dual-income family units looking for larger properties to settle down in, which may as well be a goldmine in the real estate world. Lastly, it’s only fifteen minutes away from Downtown Philadelphia, which raises values for prospective rental tenants significantly. All in all, you should strongly consider this area for an early year investment venture. It may give your finances the jumpstart they need to get the ball rolling for year-long success.
Looking to sell your home in Philadelphia? Point Acquisitions specializes in purchasing various types of investment properties in Philadelphia including residential, multifamily, lots/land, mixed use, commercial, and industrial. Contact us today for an estimate.