Most Affluent Philadelphia Neighborhoods: Mansions and More
Certain areas of the city have a greater reputation for attracting more affluent residents. If you’d like to take a look at some of the most expensive homes in the city, try scoping out the following Philadelphia neighborhoods.
If you’re searching for a home in Philadelphia, you’ll find certain areas of the city have a greater reputation for attracting more affluent residents. Prices fluctuate to match supply and demand, but in general, rent and home values rise as proximity to the downtown area increases. If you’d like to take a look at some of the most expensive homes in the city, try scoping out the following Philadelphia neighborhoods.
Center City West
City Hall and Broad Street serve as the focal point of the city, and homes in the surrounding zip codes are generally most expensive. Popular downtown Philadelphia neighborhoods like Rittenhouse Square and Washington Square have some of the highest rents and median home prices. In particular, the blocks in and around Rittenhouse Square house some of the highest-priced condos in the city. These large condos cater to residents desiring a luxurious urban home with amenities and convenience. Upscale shops and restaurants also contribute to the rich feel of this neighborhood. Washington Square also houses prime, expensive real estate which affords residents the opportunity to live in walking distance of the theaters and restaurants along the Avenue of the Arts.
Slightly further out from City Hall, at the eastern end of the Center City district, lies the neighborhood of Society Hill. For those looking for a residential neighborhood close to the hub of Center City, Society Hill is a great place to live. You’ll find tree-lined streets lined with historical row homes preserved according to strict standards. The neighborhood also went through a major redevelopment in the mid-20th century, and 25 percent of the current homes in the neighborhood were built between 1960 and 1969.
Chestnut Hill is located in the northwest section of Philadelphia. The neighborhood is known as “the suburb in the city.” According to the 2103 Pew Charitable Trusts’ State of the City Report, Chestnut Hill has the highest median homes sales outside of the Center City district and also ranks second in median household Income. In Chestnut Hill home buyers will find a variety of architectural styles, including stately stone mansions mixed in with smaller houses. Germantown Avenue, the main thoroughfare, is home to a variety of art galleries, boutiques, and restaurants.
Philadelphians take pride in preserving the historic homes of yesteryear and mixing them with today’s modern building styles. With the multitude of real estate offerings available, keep in mind that you don’t need to be extremely wealthy to find a beautiful home in Philadelphia’s real estate market.