Renting in Suburbs Becoming the Preferred Option While Home Ownership in Philly Rises

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Plymouth Park Apartments in Plymouth Township. While owning a home in the suburbs was usually the preferred option, the latest data shows that renting is now the preferred option. (Image via Pa Realtors)

Going against the usual trends that saw purchasing a home as a clear choice for people living in the suburbs, the latest data on the Philadelphia region suggests that in many areas of the suburbs, including Chester, Delaware, and Montgomery counties, renting has become the preferred option, writes Caitlin McCabe for Philly.com.

That is not the only change, though as Philadelphia is now shifting from being primarily a renter’s market to becoming a buyer’s market, according to figures from Attom Data Solutions.

While a number of urban centers such as Philadelphia have seen a rise in home prices, rural areas and the suburbs have seen the opposite, with prices either staying flat or significantly declining.

The Philadelphia region median suburban home price declined by one percent in the third quarter of last year, dropping to $227,565 from $229,850 according to Drexel University’s Lindy Institute for Urban Innovation. This is 15 percent lower than the home values in the same suburbs around a decade ago.

Philadelphia city’s median prices by contrast have jumped to an all-time high of $149,000, rising by 10 percent compared to its pre-recession peak.

Read more about region’s renting versus buying options at Philly.com by clicking here.

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