Total monthly cost of ownership
Cost to Own a Home in Philadelphia, Pennsylvania
A $232,000 home here costs
$1,888per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,193. The real number is $695 higher every month — 58% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Philadelphia against Philadelphia County and Pennsylvania
| Measure | Philadelphia | Philadelphia County |
|---|---|---|
| Median home value | $232,400 | $232,400 |
| Median property tax | $1,952 | $1,952 |
| Effective tax rate | 0.840% | 0.840% |
| Median gross rent | $1,323 | $1,323 |
| Population | 1,582,432 | 1,582,432 |
The weather behind that power bill
Philadelphia sits in Philadelphia County, which averages a high of 89.3°F in its hottest month and a low of 27.8°F in its coldest, with 50.69" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,603 cooling and 4,212 heating degree days, which is what sets the $194 electricity line above.
See the full climate breakdown for Philadelphia County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Philadelphia County
No other places of this size are published in Philadelphia County.
Full Philadelphia County cost breakdown · Every county in Pennsylvania
Common questions
How much does it cost to own a home in Philadelphia?
A $232,000 home in Philadelphia, Pennsylvania costs approximately $1,888 per month with 20% down at 6.66%. That is $1,193 principal and interest, $162 property tax, $78 homeowners insurance, $262 utilities and $193 set aside for maintenance.
What is the property tax rate in Philadelphia?
Philadelphia has an effective property tax rate of 0.840%, based on a median home value of $232,400 and median real estate taxes of $1,952. That is in line with the Philadelphia County average of 0.840%.
What is the average home price in Philadelphia?
The median owner-occupied home value in Philadelphia, Pennsylvania is $232,400, against $232,400 across Philadelphia County.
Is it cheaper to rent or buy in Philadelphia?
Median gross rent in Philadelphia is $1,323 a month, against $1,888 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Philadelphia — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Pennsylvania.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.