Home Buying in 19122>Question Details

Jestis, Home Buyer in Philadelphia, PA

I'm looking at a home in the 19122 area. There are subsidized homes nearby-how will this affect prop. value?

Asked by Jestis, Philadelphia, PA Mon Apr 14, 2008

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4
Gary McLean’s answer
Based on your city, location, and neighborhood always will directly affect your future value of this home. Always buy the cheapest home on the block, for maximum return on your investment.
0 votes Thank Flag Link Mon Apr 14, 2008
It depends on if by "subsidized" you mean rental or homeownership. The Ludlow development referenced below contains a phase of each. The rental is affordable to people making 20-50% of Philadelphia area median income. There are pretty stringent credit and criminal background checks, so I wouldn't necessarily worry about riff raff, but this is not a population that would necessarily support high-end retail or upscale restaurants. The homeownership phase units however sold for between $160-$180k to people earning up to 80% of median income. For the most part, buyers were young families or single professionals who just barely got in under the income cap and recognized a great real estate opportunity. These homeowners will (hopefully) gain in earning power in the coming years and will have a significantly greater positive impact on the community.
0 votes Thank Flag Link Mon Mar 9, 2009
Most subsidized homes are in Ludlow, west of 6th St and north of Girard Ave. Stay in Old Kensington, Front and 5th St. The area is gentrifying quickly and has lots of potential due to its proximity to Northern Liberties and Center City.
0 votes Thank Flag Link Wed Feb 18, 2009
The 19122 Zip is so relatively close to Center City, that long term, (5-20 years,) it's safe to assume your new purchase has good potential to appreciate. If you're looking to buy, then sell short term, then factors such as a potential buyer's perception of the immediate neighborhood impact the viability of your investment.
0 votes Thank Flag Link Wed Apr 16, 2008
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