Best places to buy rental properties in Pennsylvania

February 25, 2022
● Written by
Teddy

Pennsylvania

Investing in Pennsylvania

Pennsylvania is a state of historical firsts. From the First Continental Congress to the first US college (Dickinson College) to the first rollercoaster, Pennsylvania has countless places to explore. The state attracts people looking for high quality universities, a growing economy, and close proximity to the nation's capital and the Big Apple.

The Nophin team crunched the numbers and found the five best places to invest in Pennsylvania rental properties.

Statewide vacancy rates

PA Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Pittsburgh, PA

Pittsburgh, also known as Steel City, is home to some of the best sports teams including the Steelers (NFL), Penguins (NHL), and Pirates (MLB).

  • Population: 302,971
  • Median household income: $50,536
  • Median 1-bedroom monthly rent: $1,255
  • Median listing home price: $249,900

Philadelphia, PA

Philadelphia is the largest city in Pennsylvania and historic in the founding of our country.

  • Population: 1,603,797
  • Median household income: $49,127
  • Median 1-bedroom monthly rent: $1,420
  • Median listing home price: $279,900

Harrisburg, PA

Harrisburg, a two hour drive from Philadelphia, is the capital of Pennsylvania. The city is also home to one of the world's largest chocolatiers, Hershey's.

  • Population: 50,099
  • Median household income: $41,831
  • Median 1-bedroom monthly rent: $1,095
  • Median listing home price: $200,000

Lancaster, PA

Lancaster is best known for the largest Amish community in the US.

  • Population: 58,039
  • Median household income: $49,628
  • Median 1-bedroom monthly rent: $1,047
  • Median listing home price: $299,900

Allentown, PA

Allentown is one of PA's fastest growing cities and part of the Lehigh Valley.

  • Population: 125,845
  • Median household income: $43,816
  • Median 1-bedroom monthly rent: $1,577
  • Median listing home price: $236,500

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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