01/10/2024
Philly is the 7th Best City for Homes with Value
By Hope Walborn | Jan. 10, 2024 | 2 min. read
Homeowners in Philadelphia find a high bang for their buck, ranking No. 7 for cities where Americans found the most value in their neighborhoods, according to a study completed by All Star Home.
When it comes to buying a home, affordability is important, but so is the neighborhood where it’s located. The study found that nearly 1 in 5 Americans attribute half of their home’s value to their neighborhood.
Philly was one of the cities where residents reported being most happy about their home and their neighborhood in comparison to how affordable it was when they bought it. The top cities with the best values were Detroit, Rochester and Birmingham.
While some homeowners reported liking their home more now than when they first purchased it, the majority (nearly 3 in 4) reported liking it less.
Neighborhood and location play a significant role in Americans disliking their current homes. The most popular reason Americans dislike their neighborhood is because they have weird neighbors, followed by unfavorable noise levels, homes that are too close together, rude neighbors and nosy neighbors.
Other complaints include pets, crime and politics. Approximately 1 in 6 Americans cite unruly pets as the reason they dislike their neighborhood, while 1 in 5 say that local crime problems have changed their once-positive views of the location. Politics also cause tension, as 1 in 6 say their neighbors’ political views have made them like their neighborhood less.
Overall, 36% of current homeowners are planning to buy a new home due to disliking their current home or location. The top reasons for planning on moving were high costs of living, disliked homes, disliked neighborhoods, disliked neighbors, high local crime rates and expensive mortgages.
