Where to Live in Philadelphia?

Philadelphia is an excellent choice for anyone considering moving to the United States that wants to live in a vibrant city with endless opportunities.  This article will provide a general overview of the city and highlight some of the best neighborhoods to buy real estate for those seeking to own a home.  We will also highlight some of Philadelphia’s best-known attractions that lure not only tourists from other parts of the United States but also immigrants and long-term visitors from around the world.  These features include a dynamic business environment, world-class medical facilities, top-ranked universities, and a profusion of cultural and historical landmarks that underpin the city’s tourism industry.  Collectively, these elements create a strong foundation for Philadelphia’s economy, and by extension bolsters demand for real estate and boosts home values over the long term.

Philadelphia: A Great American City

Philadelphia has many personalities.  Walking through the heart of Center City, visitors will experience a modern city filled with gleaming condominium towers, office buildings, and other commercial spaces that are home to world-famous companies and innovative research facilities.  Venture over just a few blocks to Chestnut Street, and the architecture shifts, with three-hundred-year-old colonial era buildings standing in all their historic charm and glory.  One of the most prominent buildings on Chestnut Street, Independence Hall, is the location where the Declaration of Independence was signed in 1776.  Written by Thomas Jefferson and signed by the country’s founding fathers, including Benjamin Franklin, one of Philadelphia’s most prominent historic figures, this document proclaimed this land free from British rule and inspired the colonists to take up arms and defeat Great Britain to establish their own country.  It is this juxtaposition of history and modernity that creates the magic formula for the “City of Brotherly Love”; a fast-paced, forward-thinking metropolis brimming with commerce and innovation that is forever linked to its glorious and hallowed past.

As leader of commerce and culture for the young nation, it should be no surprise that modern-day Philadelphia is one of the country’s leading centers of higher education.  The Philadelphia metropolitan area has more than 80 postsecondary institutions including Temple University, Drexel University, Villanova University, Thomas Jefferson University, and University of Pennsylvania, which is one of America’s finest Ivy League schools.  The University of Pennsylvania offers over 90 undergraduate degrees and has some of the world’s best professional and graduate degrees programs in the field of business, medicine, engineering, and law.

While the city provides extensive opportunities for immigrants and other long-term visitors to pursue their educations goals, Philadelphia’s geographical location also allows residents to easily explore other popular U.S. destinations.  Philadelphia lies within the state of Pennsylvania, which is known as the Keystone State.  Pennsylvania earned this nickname due to its central location among the states along the East Coast of the United States.  This strategic position on the map places Philadelphia residents within a two-hour car (or train) ride from other great American cities such as such as New York City, Baltimore, and Washington D.C.  Philadelphians are also near beautiful beaches in Delaware and New Jersey such as Bethany Beach, Rehoboth Beach, Cape May, and Atlantic City.  Weekend excursions to enjoy hiking, camping, and snow skiing in the Blue Ridge Mountains of Virginia and West Virginia are also possible. 

With Philadelphia’s rich history, buzzing economic center, and prime location, there are few cities better for immigrants seeking a complete experience of living in America.  As with other urban areas in the United States offering proximity to high-paid employment opportunities and access to the world’s top universities, real estate in this city may likely be more expensive than your home county, however, it is a bargain when compared to New York, California, or even some parts of the Sun Belt (the southern region of the United States) where real estate prices have increased dramatically in recent years.

Of course, there is no better investment than having ownership in a piece of America.  The United States is the largest economy in the world and the country continues to prosper thanks to its strong industrial base and innovative companies.  Real estate ownership in the Philadelphia area is a great choice for anyone considering a move to the United States.  The strong foundation of large businesses and “anchor institutions” of the city (discussed in the following paragraphs) provide steady employment to hundreds of thousands of Philadelphia residents, which in turn creates demand for residential real estate and raises property values over the long term.   

 

Sound Economy and Stable Employment

Philadelphia has the ninth largest metropolitan economy in the United States and is home to 13 companies on the Fortune 500 list, including telecommunications conglomerate Comcast Corporation, which employs over 17,000 workers throughout the metropolitan area.  The regional economy is supported by a solid foundation of industries that includes advanced manufacturing, higher education, technology, financial and legal services, tourism and hospitality, life sciences and health care. 

Health Care and Pharmaceuticals

Health care is a major economic sector in Philadelphia and accounts for approximately 13% of the city’s workforce.  This industry has wide influence throughout the state, with Philadelphia hospital systems employing 700,000 people across Pennsylvania.  The Children’s Hospital of Philadelphia, which employs over 15,000 people, was ranked America’s best large employer by Forbes in 2021.

Philadelphia has always been a national leader in health care.  In fact, the first American hospital and medical school was founded in Philadelphia through the University of Pennsylvania in 1765.  The university is still a major player in the Philadelphia healthcare system: Penn Medicine oversees six acute care hospitals and hundreds of outpatient centers in Philadelphia and the surrounding region. 

Thanks to the numerous medical research facilities in the city, Philadelphia is one of the country’s most important cities for the pharmaceutical industry.  In fact, nearly every major American pharmaceutical and biotech company has an office in Philadelphia, including many well-known European companies.  Johnson & Johnson, GlaxoSmithKline, AstraZeneca, Merk, GE Healthcare, Wyeth, Pfizer, AmerisourceBergen, and Sanofi are just a few of the major players operating in the Philadelphia area.  These companies provide thousands of high-paying jobs that buttress the demand for real estate and housing in the region. 

Finance and Insurance

Philadelphia is home to the oldest stock exchange in the United States, The Philadelphia Stock Exchange, which is primarily focused on trading equity, index, and currency options.  The city is also home to the largest production facility for the United States Mint, a bureau of the federal government responsible for manufacturing U.S. currency, including coins used for general circulation, commemorative coins for collectors, and bullion coins for investors.  The Federal Reserve Bank of Philadelphia, one of 12 regional Reserve Banks, better known as “the Fed”, has its office in Center City and acts as the central banking system for the United States. 

The finance industry has a significant presence in Philadelphia with companies such as Radian Group and PHH Corporation providing mortgage services, while companies like Colonial Penn, Harleysville Group, Penn Mutual, Independence Blue Cross, Cigna, GeoBlue, Philadelphia Insurance Companies, and Lincoln Financial Group offer insurance services (Lincoln Financial employs over 12,000 people and is one of Philadelphia’s Fortune 500 companies).  Other firms such as TD Bank provide retail and commercial banking services; the Vanguard Group and SEI Investments company provide asset management services; and Navient—based in Wilmington, Delaware—provides student loans.   

Higher Education

Higher education employs nearly 100,000 people throughout the Philadelphia metro area and contributes substantially to the regional economy.  While the University of Pennsylvania ranks supreme as the city’s anchor institution and largest employer, Thomas Jefferson University ranks as the city’s second largest employer.  Temple University comes in as Philadelphia’s fifth largest employer, and Drexel University makes it into the city’s top ten list.

There are over 300,000 college students in the metropolitan area, making Philadelphia the fifth largest college town in the United States.  An estimated 15,500 international students live in Philadelphia and come from every corner of the globe.  These students have an outsized impact on the local economy, not only by paying higher tuition rates than those paid by American students, but through increased need for housing, food, transportation, consumer goods, and various services.  International students contribute nearly $45 billion to the U.S. economy (pre-pandemic).  

Thanks to the multitude of colleges and universities in Philadelphia, local employers have a large pool of young workers to help fill their ranks.  While the dynamism of its startup business scene trails other U.S. cities, Philadelphia has potential to become a launching pad for small and midsize companies.  The city’s location—which provides easy access to other large markets along the East Coast such as New York, Boston, and Washington-Baltimore, coupled with a deep roster of talent from Philadelphia’s colleges and universities—creates a favorable environment for young companies to succeed.  These companies can also harvest the knowledge of Philadelphia’s international student population to helm them pursue global markets. 

Tourism and Hospitality

Philadelphia’s medical facilities and universities also serve as the linchpin for the city’s tourism industry, which supports over 100,000 jobs throughout the metropolitan area.  Over 45 million visitors come to Philadelphia each year (pre-pandemic).  A typical itinerary may include a visit to one of the city’s universities to participate in a school event or campus tour; or perhaps a visit to one of the city’s hospitals for a consultation or medical procedure.  Out of town visitors will likely want to spend the weekend in Philadelphia to enjoy one of the many tourist attractions such as the Liberty Bell, Independence Hall, The Philadelphia Museum of Art, or the Franklin Institute.  

Dig a little deeper, and visitors will learn that Philadelphia has a creative side, whether that is in its high-end art scene or the dozens of restaurants owned by Michelin-starred chefs.  While Philadelphia is known for the traditional cheesesteak and soft pretzel, there is also an intense interest in gastronomy and high-quality dining.  The most popular Philadelphia restaurants push the envelope of culinary practices as they produce a variety of dishes that represent the city’s diverse population, including high-end restaurants that are known to experiment with everything from Thai dishes, Mexican barbacoa, and even traditional Eritrean and Ethiopian meals.

 

Best Neighborhoods in Philadelphia – Urban

Center City

Center City is packed with young professionals looking to build their careers while living near top law firms, research corporations, and the headquarters of Fortune 500 companies, such as the Comcast Tower.  Center City is truly an economic hub and is home to 42% of Philadelphia jobs.  This area is also the center of Philadelphia’s public transportation system, providing its residents with easy access to Suburban Station and the Philadelphia International Airport.  Workplace commutes from Center City to anywhere in the Mid-Atlantic region or even internationally are trouble-free.

Young professionals also flock to Center City for its vibrant nightlife.  After a hard week at work, nothing beats enjoying Philadelphia’s premier dance clubs, speakeasies, and corner bars.  This downtown area has such a popular night scene that it’s a key tourist attraction for Americans from other states and individuals from other countries.  

Although bars and dance clubs may not be your reason for coming to America, these are important attractions for young professionals (and empty nesters), and they help drive demand for real estate in this neighborhood.  Center City also has a diverse range of other attractions.  Residents are within walking distance of some of Philadelphia’s best restaurants, such as Jean-Georges and Volvér.  In addition to fine dining, Center City has plenty of cultural attractions, like The Franklin Institute Science Museum, The Philadelphia Museum of Art, and The Museum of the American Revolution.  

With all that Center City has to offer, it's no surprise that property values in this area can be quite high.  Expect to pay close to $300k for a 1-bedroom / 1-bathroom condominium in a newly built or newly refurbished building.  Less expensive units can be found for as low as $100k, however, they have little square footage, and the buildings facilities will not be as well maintained.  For larger living spaces, such as a townhouse, it will cost upwards of $750k.

University City

Philadelphia has a wide variety of neighborhoods that each have their own personality and subculture.  While Center City is Philadelphia’s corporate hub, University City is the region’s leader in education, science, and innovation.  This neighborhood is home to five institutions of higher education, including Drexel University and the University of Pennsylvania.  In total, there are over 50,000 students enrolled in University City schools, making this one of the greatest communities of scholars in the world.  Additionally, the University of Pennsylvania has worked diligently throughout the years to recruit international students to its campus, and now has over 5,000 students from over 100 countries, creating a globally minded community that strengthens Philadelphia-based businesses and bolsters the local economy.  The University of Pennsylvania ranks near the top 10 in News & World Report’s best global university rankings every year and boasts a long list of notable alumni from around the world. 

It’s not just the University of Pennsylvania that makes University City so dynamic when it comes to innovation in fields of science, research, and medicine.  The area is also home to other Philadelphia research institutes and entrepreneurial spaces, such as the Wistar Institute, Drexel’s Innovation Center, and Schuylkill Yards.  There is 1.86 million square feet of lab space in this single neighborhood, so it’s easy to understand why University City attracts international scholars and professional talent in the fields of biotech, robotics, and medicine.  

With an array of real estate options combined with a diverse population of professionals and students, University City is a premiere destination for any newcomer to the city interested in buying a home.  There is a broad inventory of walk-up apartments, high-rise condos, and historic homes.  University City median property values are just over $400k, but there are also less expensive living spaces and new construction home options starting at $250k.

Chestnut Hill

Chestnut Hill is one of the city’s most affluents neighborhoods and has many elegant single-family detached homes and rowhouses located in the northwest section of Philadelphia.  This neighborhood is ideal for people who want easy access to the Philadelphia job market but don’t want to raise their family directly in the downtown area.  Chestnut Hill is less than a thirty-minute drive from Center City and provides a slower paced and secure lifestyle for its residents.  

Chestnut Hill was originally founded in the early 1700s as the first permanent German American settlement.  Since then, Chestnut Hill has come to be known as Philadelphia’s Garden District for its green landscapes, lush gardens, public parks, and stunning architecture.  The main street in this neighborhood is Germantown Avenue.  This cobblestone street features wide sidewalks dotted with over a hundred boutique retailers, specialty grocery stores, restaurants, and professional services.  

Another prized jewel of Chestnut Hill is the Morris Arboretum.  The University of Pennsylvania manages this botanical garden, which is the official arboretum of the Commonwealth of Pennsylvania.  The manicured gardens of the Morris Arboretum stretch across ninety-two acres and are a favorite destination for Philadelphians wishing to get a breath of fresh air and escape the frenetic pace of downtown life. 

What really makes Chestnut Hill ideal for a family-centered lifestyle is its location near some of the finest private high schools in the nation.  One such school is the Germantown Friends School, which serves students from Pre-K (children younger than 5) through high school.  This school is regularly ranked among the top 50 private schools in the country and is regarded as one of the finest private schools in the state of Pennsylvania. 

Owing to its proximity to Center City, Chestnut Hill offers its residents just the right balance of city and suburbs.  As mentioned, the area is predominantly composed of townhouses and single-family homes.  A standard four-bedroom townhouse in Chestnut Hill ranges in price from $300k to $600k.  Inventory also includes more spacious and luxurious single-family homes with classical early 20th century architecture ranging in price from $1 million to $3 million.  

Rittenhouse Square

Rittenhouse Square has been Philadelphia’s premier residential area since the mid-19th century when the city’s elites built grand homes that still stand today.  The neighborhood wraps around Rittenhouse Square Park, one of the original public gathering spaces designated by city founder William Penn in the late 17th century.  Residents are a short walk away from the public park with aesthetically appealing greenery that pans over a half-acre for a pleasant retreat from urban living.

Young professionals love Rittenhouse Square because it is just a few blocks away from Center City, keeping its residents close to the action of the city, yet they are somewhat secluded in their own cove that borders up against the east side of the Schuylkill River.  Rittenhouse Square is an enviable destination for Philadelphians and is a favored tourist destination due to its proximity to shopping centers, the Rittenhouse Square Farmers Market, and fine dining restaurants like Lacroix and Parc.  What makes Rittenhouse Square particularly iconic is its Rittenhouse Row shopping district on Walnut Street.  This shopping district features high-end boutiques and trend-setting stores.  

With its luxurious homes and proximity to Center City, property values in Rittenhouse Square are high.  Townhouses in this area with 1-2 bedrooms start at $550k, and if you are looking for a home with more than three bedrooms, prices start at $750k and can go into the millions depending on newer finishes and other amenities.  

Fishtown

As one might assume, Fishtown earned its name from the vocation of its citizens who fished on the nearby Delaware River.  In early American history, Fishtown residents controlled the fishing lanes on both sides of the 100-mile stretch of Delaware River and helped turn Philadelphia into a port city in the 18th century.  Until recently, Fishtown was a working-class neighborhood.  However, the area has since experienced expansive and quick gentrification with many of its residents being educated professionals and college students.  

Coinciding with this wave of gentrification has been a renaissance movement of sorts in Philadelphia’s design, food, art, music, and fashion scene.  Philadelphians have a lot of respect for Fishtown and regard it as a hip and trendy area that has its finger on the pulse of everything creative and new.  Fishtown residents acknowledge the “coolness factor” of their neighborhood so much so that they tend to flash their Fishtown pride with fish symbols seen everywhere, whether that is on fences, restaurants, public squares, or even homes.  

Some of the most popular restaurants in Fishtown where Philadelphians tend to congregate are Wm. Mulherin’s Sons, Suraya, Hiroki, and Ekta Indian cuisine.  Fishtown residents come from diverse cultures and backgrounds, and this is well represented in the area’s restaurants, which seem to represent cuisine from just about every spot on the globe.

Fishtown is located northeast of Center City, about a 40-minute excursion by foot.  While this may be a bit of a hike, walking isn't the only way to get around Philadelphia.  Residents of Fishtown can easily board the local El Train at Gerard Station and arrive at Center City in under ten minutes.  Being a bit far from the heart of downtown can be a hassle, but it does make living in Fishtown substantially less expensive than other areas, like Rittenhouse Square and Center City.  

In the past few years, Fishtown median home prices have fluctuated between $300k and $400k.  However, much like University City, this neighborhood has a variety of housing options, so you are sure to find both modest and more lavish housing options depending on your lifestyle and taste. 

 

Best Neighborhoods in Philadelphia – Suburban

Devon

Devon is a prominent Philadelphia suburban neighborhood located in the center of what is known as the Main Line.  The Main Line is a region that runs northwest from Center City and earned its namesake from the construction of the first railroad system that led out of Philadelphia in the 19th century.  After the construction of this railroad system, rapid suburbanization occurred as wealthy Philadelphia families moved out of the city and constructed vast estates among the region’s greenery and towering forests. 

Located in the middle point of the Main Line, residents of Devon can take advantage of the plethora of opportunities this historical and cultural suburban region has to offer.  On the Main Line, there are plenty of small-town boutiques and fine dining options, such as Nectar and White Dog Café.  Beyond the small-town feel, Devon residents are just a 15-minute drive from the King of Prussia Mall.  This mall’s 2.9 million square feet of retail space and 450 department stores, luxury brands, and restaurants make it the largest mall on the East Coast. 

Devon is also close to Villanova, which is home to Villanova University, the oldest Catholic private university in Pennsylvania and is ranked as the 51st best national university in the country by U.S. News and World Report.  This university sits on a beautiful 254-acre campus and is well known for providing excellent undergraduate education thanks to small class sizes and hands-on instruction by professors. 

The Main Line is also a fantastic place for families looking to get their children the best education possible.  Devon and the surrounding Main Line neighborhoods are home to some of the best public and private schools in Philadelphia, such as Radnor High School, which is the 3rd best high school in the state of Pennsylvania.

Devon’s location along the Main Line provides easy access to City Center and other urban Philadelphia neighborhoods using The Southeastern Pennsylvania Transportation Authority (SEPTA).  The average train ride from Devon to Philadelphia takes forty minutes.  A trip by car can take anywhere from thirty minutes to well over an hour depending on traffic conditions. 

With Devon’s optimal location in the affluent Main Line suburbs, its property values can be quite high.  However, there are a variety of housing options as well as nearby Main Line neighborhoods that could provide similar benefits at more affordable prices.  A three-bedroom single family home in Devon will cost between $500k to $700k.  There are also many homes with classical architecture, some constructed in the early 20th century, that usually have an expansive backyard and sell for upwards of $2 million; new construction of 5-bedroom single family homes can go as high as $3.8 million.   

West Chester

West Chester is located just west of the Main Line and is known as being one of Philadelphia’s most idyllic neighborhoods.  It has a quaint and picturesque downtown area that has over 75 restaurants.  West Chester is a fabulous option for those interested in being close to Philadelphia but want to live in an area that has small-town charm.

West Chester has a population of just over 20,000 people and is recognized as one of the best places to live in the United States—in 2017 it was given the Great American Main Street Award.  The streets of downtown West Chester are crammed with family-owned restaurants, bakeries, and shopping areas.  While this area is also home to great lounges and sports bars where locals cheer on Philadelphia professional sports teams such as the Eagles, Phillies, Flyers, and 76ers, West Chester has a very strong family-friendly environment.  Just outside the small downtown area is a sprawling suburban region with a variety of nature preserves perfect for recreational activities.

This suburb is ideal for those who want to live near Philadelphia but do not necessarily want to work in the city; it is home to several high-profile employers, including the TV shopping network QVC, and Vanguard, a prominent investment management company mentioned earlier.  Residents also have immediate access to Chester County hospital, which is part of Penn Medicine’s esteemed network of hospitals. 

For those that must work in Philadelphia, the commute from West Chester is not a problem.  West Chester Pike connects straight into Center City, and the drive usually takes less than an hour, even with medium levels of traffic.

Educational opportunities are also abundant in this area for all age groups.  West Chester University was founded in 1871 and holds an international accreditation through the Association to Advance Schools of Business.  Those considering raising a family should know that West Chester’s public schools are well-funded and are some of the best in the nation.

West Chester has many housing options, from single family homes in the leafy suburbs to townhomes and condominiums located near West Chester University.  A typical single-family home with four bedrooms and three bathrooms near downtown ranges in price between $400k and $550k, however, there are also new construction projects and luxury homes that range in price between $1 million to $2 million. 

Fort Washington

While Devon and West Chester are located to the west of Philadelphia, Fort Washington is located to the north of the city.  Fort Washington residents are just a thirty-minute drive from downtown Philadelphia, and their northern location places them less than one hundred miles from New York City.  Unlike West Chester, this neighborhood does not have a downtown area, and its 6,000-person population is predominantly made up of homeowners enjoying a quiet escape from Philadelphia. 

Fort Washington is an area with historical significance as it is named after the temporary fort built by George Washington in 1777 during the Revolutionary War.  Among Fort Washington’s beautiful suburban homes are historic colonial mansions and tourist attractions.  One of the most notable attractions is the Highlands Mansion and Gardens, a 44-acre historic site that hosts educational programs and serves as a stunning wedding venue.  There are a variety of opportunities to take advantage of the outdoors as Fort Washington State Park offers some of the best camping and hiking in Pennsylvania.  It is also common to see fishermen catching carp and catfish at the park’s Wissahickon Creek. 

Fort Washington’s location between Philadelphia and New York City makes real estate in this area highly coveted.  There are plenty of one-bedroom condos for sale, but also Victorian homes, and even breathtaking multi-million-dollar estates that take up multiple acres of land.  A three-bedroom townhome ranges in price from $350k to $450k.  Property values ascend quickly when looking at single family homes—homes with over four bedrooms start at around $700k and easily go into the millions of dollars.

 

We Can Help if You Need Assistance

Philadelphia is a wonderful place to live for those wishing to build their careers or further their education while experiencing some of the best that the U.S. has to offer.  With Philadelphia’s unique neighborhoods, there is bound to be a home that suits your lifestyle and budget.  

If you have questions about buying real estate in the Philadelphia area, please email Michael at michael@visasupply.com.  Our company provides services to international students, entrepreneurs, and businesspeople interested in moving to America.  Using our network of real estate and immigration specialists, we will find the right opportunities for you to be successful in the United States.