Philadelphia, Pennsylvania Housing Market Prices
Philadelphia Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 38% above the Pennsylvania median$209,661
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Median rent 16% above the Pennsylvania median$1,396
Housing Market Overview
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $209,661 | $152,469 | $248,835 |
| Price Trend (Annual %) | 7.2% | 3.7% | 7.5% |
| Median Gross Rent | $1,396 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 5.0% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Philadelphia is about 38% higher than in Pennsylvania. Rent is about 16% higher than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Philadelphia, up about 7.2% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Philadelphia rose about 51.5% between 2015 and 2024, from $921 to $1,396. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Philadelphia.
Buying the median-priced home in Philadelphia costs roughly 12.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Philadelphia. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $209,661 | $152,469 | $248,835 |
| Median Household Income | $62,166 | $78,249 | $80,455 |
| Price-to-Income Ratio | 3.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Philadelphia rose about 69.3%, while median household income rose about 65.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.0% | 63.0% | 58.5% |
| Rental Rate | 43.8% | 27.9% | 31.2% |
| Vacancy Rate | 9.2% | 9.1% | 10.2% |
| Median Tenure (years) | 14.0 | 17.0 | 15.0 |
| Median Year Moved In | 2012 | 2009 | 2011 |
Philadelphia has a homeownership rate of 47.0%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 9.2%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | Philadelphia | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1953 | 1966 | 1978 |
| Median Number of Rooms | 5.4 | 6.0 | 5.5 |
The typical housing unit in Philadelphia was built around 1953. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Philadelphia, PA Housing Compared With Nearby Cities
How Philadelphia, PA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Philadelphia, PA | 1,578,137 | $209,661 #1/2 | $1,396 #1/2 | 51.8% #1/2 |
| Camden, NJ | 71,513 | $115,344 | $1,228 | 34.5% |
Frequently Asked Questions
Common questions about the housing market in Philadelphia, Pennsylvania.
What is the median home price in Philadelphia, Pennsylvania?
The median home price in Philadelphia, Pennsylvania is $209,661, higher than the Pennsylvania average of $152,469.
What is the average home price in Philadelphia, Pennsylvania?
The typical home price in Philadelphia, Pennsylvania, reported as the median sale price, is $209,661. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Philadelphia, Pennsylvania?
The median gross rent in Philadelphia, Pennsylvania is $1,396 per month, higher than the Pennsylvania average of $1,208.
What was the median gross rent in Philadelphia in 2020?
In 2020, the median gross rent in Philadelphia, Pennsylvania was $1,083 per month.
What is the price-to-rent ratio in Philadelphia, Pennsylvania?
The price-to-rent ratio in Philadelphia, Pennsylvania is about 12.5, meaning it would take roughly 12.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Philadelphia.
Are home prices or rent rising faster in Philadelphia, Pennsylvania?
Both home prices and rent are rising in Philadelphia, up about 7.2% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Philadelphia, Pennsylvania?
47.0% of households in Philadelphia, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in Philadelphia, Pennsylvania?
The housing vacancy rate in Philadelphia, Pennsylvania is 9.2%, higher than the Pennsylvania average of 9.1%.
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