The typical owner-occupied home in Philadelphia is worth about $105,600, 63% below the Tennessee median of $286,700 and 68% below the national median of $332,700. Owners pay a median $395 a year in property taxes, about 0.37% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $68,679 a year, so the median home costs 1.5 times the median income (4.1 times for Tennessee). 73% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Philadelphia at a glance
| Philadelphia | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $105,600 | $286,700 | $332,700 |
| Median property tax paid per year | $395 | $1,442 | $3,119 |
| Property tax as a share of value | 0.37% | 0.50% | 0.94% |
| Median household income | $68,679 | $69,595 | $80,734 |
| Homes lived in by their owners | 73% | 67% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,040 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 15.1% | 19.6% | 21.0% |
| Median rent | $930 | $1,189 | $1,413 |
| Rent as a share of renters' income | 21.4% | 29.5% | 30.6% |
| Median year homes were built | 1973 | 1987 | 1980 |
| Vacant homes | 15.8% | 10.2% | 10.1% |
| Population | 684 | 7,066,383 | 334,922,499 |
What a typical home costs per month in Philadelphia
At this week's average 30-year rate of 7.11%, buying the median Philadelphia home of $105,600 with 20% down costs about $645 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $821, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $27,637 for the 20%-down payment. That payment is 11% of the median Philadelphia household income of $68,679; at that income and 20% down, the 28% guideline points to a home of about $262,000.
The median rent here is $930 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $21,120 |
|---|---|
| Loan amount | $84,480 |
| Principal and interest | $568 |
| Property taxes (0.37% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $645 |
Change the numbers in the calculator
| Down payment | $3,696 |
|---|---|
| Loan amount | $103,687 |
| Principal and interest | $698 |
| Property taxes (0.37% a year) | $33 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $47 |
| Total per month | $821 |
Change the numbers in the calculator
Questions about home buying in Philadelphia
What is the median home value in Philadelphia?
About $105,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Philadelphia?
Homeowners pay a median $395 a year, which is about 0.37% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Philadelphia?
For the median home with 20% down at 7.11%, the payment is about $645 a month. Keeping that under 28% of gross income takes about $27,637 a year.
More about Philadelphia
- Mortgage Refinance in Philadelphia
- Debt Relief in Philadelphia
- Home Equity Loans in Philadelphia
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data