Wealthier people have more options when choosing where to live, as their budget allows them to take the pick of the property market to find a home and location that meets their needs, lifestyle, and personal preferences.
They are often drawn to the most desirable areas of a city where the property prices are highest. These areas are also considered the richest areas, base on both the average listing price and the household incomes of those living in that area.
Like any other city, Philadelphia has poor, undesirable areas and desirable neighborhoods that attract wealthy residents. Here are the 10 richest neighborhoods in Philadelphia.
Although it is the most affordable location on this list, homes in Fishtown still cost an average of $411,829. While this may seem a high price to pay for some people, those who live in this neighborhood have a median household income of $66,975.
Property prices are continuing to rise in this part of Philadelphia as it is increasingly considered a desirable area. Fishtown is next to Northern Liberties, and it is home to 25,207 people. The neighborhood is known for its community diversity, and it is known for its arts, culinary, and music scenes.
Home Snacks says that the median household income in Manayunk is $67,074. Therefore, the residents can afford the average house price of $527,400. Manayunk is popular amongst those who want easy access to the city and everything that comes with urban settings while also wanting to live amongst the greenery. It is a leafy neighborhood that is close to Center City.
There is also easy access to Chester County and Montgomery County. Property options in Manayunk include historic row homes and houses on hilly streets that overlook Schuylkill River. The population of Manayunk is 8,611.
8. Northern Liberties
Buying a house in Northern Liberties costs on average $677,151. This location has an artsy vibe and a growing food scene. Both historic townhomes and modern luxury condos are available in this area, so there is something to suit all tastes. Northern Liberties was listed as the seventh-largest city in the United States in 1790 before it became part of Philadelphia. The neighborhood sits alongside the Delaware River and is next to Old City.
7. Graduate Hospital
Properties in Graduate Hospital vary significantly in price, so there are options for both those who have a limited budget and those for whom budget is not an issue. However, the median value of houses is $686,221. This area has not always been one of Philadelphia's desirable parts, but it has been up-and-coming over the last decade, with ongoing renovations and revitalizations.
It has led to property prices rising significantly. The neighborhood is close to both Center City and the Schuylkill River, and its location is convenient for accessing the University of Pennsylvania and the office district.
6. Washington Square West
The average house price in Washington Square West is $693,173. This neighborhood is named after the local park, and it is one of Philadelphia's historic neighborhoods. The properties in this area reflect the city's history, as there are both Georgian and Federalist row homes.
There are also houses on pedestrian-only and one-lane roads. The neighborhood includes the sub-areas of Gayborhood and Midtown Village. Washington Square West is known for having a strong sense of community.
5. Queen Village
Living in the desirable location of Queen Village comes at a price, as the median home price in this neighborhood is $740,285. Queen Village is a vibrant area that attracts wealthy young professionals.
The area is known for its hip bars and chic galleries. In terms of the housing stock, a large proportion of the properties are large historic townhouses along tree-lined streets. Queen Village has a population of 9,143, says Niche.
4. Old City
Those who want to live in Old City must be prepared to pay, as the average listing price for properties in this area is $829,976. As its name suggests, Old City is one of the original parts of Philadelphia, and there are properties from many periods, with many 18th-century town homes with modernized interiors.
Many former industrial buildings have been converted into luxurious loft apartments. One reason that this area attracts wealthy residents is its proximity to art and culture destinations.
3. Society Hill
Society Hill is the third richest neighborhood in Philadelphia, and the average price of a home in this location is $1,009,076. It sits alongside the Delaware River, and it is between Washington Square West, Queen Village, and Old City.
The area boasts the beautiful and historic row homes for which Philadelphia is known. Society Hill is often included in lists of the best places to live in Philadelphia, And positive features of the area include many leisure activities, community diversity, commutability, and vibrant nightlife.
2. Rittenhouse Square
Rittenhouse Square is considered one of the most prestigious and desirable locations in Philadelphia. The median list price for houses in this neighborhood is $1,389,900. Rittenhouse Square is in a central location, so residents enjoy the convenience of living close to the shops, bars, restaurants, and Rittenhouse Square Park. Houses in this area range from luxurious condos in high-rise buildings to historic townhouses.
1. Chestnut Hill
According to Prevu, the richest neighborhood in Philadelphia is Chestnut Hill. The average listing price for properties in this neighborhood is $1,460,103. It is no surprise that those who live in this expensive neighborhood have high incomes, and the median household income for Chestnut Hill is more than $100,000.
Chestnut hill is one of the most picturesque areas in Philadelphia. Those with big budgets can choose from stone mansions and 19th-century farmhouses, while those who want to spend less have the option of modest row homes and apartments.
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Written by Dana Hanson
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