According to a recent article published by Philadelphia Magazine, more than 25,000 New Yorkers have moved to Philadelphia in the past six years. The mass of ex-New Yorkers moving to Philadelphia was so big that many newspapers started dubbing Philly the “Sixth Borough.” One of the main reasons for this huge exodus is the more affordable housing rates that Philadelphia real estate has to offer.
The median sale price for a condo in New York is $682,602 where as the median listed price for a Philadelphia single family house is $150,000. Renting prices are much more affordable in Philadelphia as well – a one bedroom apartment in Fishtown costs about $1,100 a month, versus the $3,000 a month rent for an efficiency in Manhattan.
Thanks to gentrification, Philadelphia also provides many up and coming hot spots in the real estate market, making it more appealing for out-of-city residents to move here. Over the last two years, the new houses and condos being built in Center City, Northern Liberties and Point Breeze Real Estate has attracted many young professionals to the area. There have also been a slew of restaurants, byobs, galleries and nightclubs popping up all over the city, creating a lively and vibrant nightlife setting for young people.
Even though Philadelphia isn’t quite the Big Apple, many folks are realizing that they want to take a big bite out of what the city has to offer.