Did you know that Pennsylvania is the birthplace of the United States? In 1776, the American colonies declared their independence from Great Britain in Philadelphia.
Whether you’re a history buff, nature enthusiast, or real estate investor, there’s something for you in Pennsylvania. Foreign real estate investors continue to explore this massive and highly diverse state’s real estate markets. With a mix of bustling cities and charming small towns, Pennsylvania provides access to major metropolitan areas like New York City and Washington, D.C., while retaining its distinctive character.
For foreign nationals interested in Pennsylvania’s real estate potential, here are six cities with both residential investment appeal.
Philadelphia is known for being the former capital of the United States, deeply enthusiastic sports fans, and delicious Philly Cheesesteaks.
With its strategic location just a short train ride from New York City and Washington, D.C., Philadelphia combines the benefits of proximity to these bustling metropolises with a lower cost of living and investment. The city's economy is strong thanks to important areas like education, healthcare, and finance. This creates a constant need for rental properties and helps keep the job market stable.
Moreover, Philadelphia's real estate prices remain significantly more affordable than those in New York City, making it an attractive option for investors seeking value. The city’s vibrant neighborhoods, rich cultural heritage, and ongoing urban revitalization efforts are driving investor interest.
On the complete opposite side of the state from Philadelphia sits Pittsburgh. Pittsburgh used to be associated with industrial plants and not much else.
In recent times, things have changed drastically though. Pittsburgh has emerged as a technology and healthcare hub with more revitalization plans in the works to improve the downtown area. It also offers affordable real estate and consistent rental demand provides solid investment opportunities for foreign nationals.
Harrisburg, Pennsylvania’s capital, presents foreign investors with an attractive mix of affordability and growth potential. With a steadily increasing population, robust infrastructure, and close proximity to pricier East Coast cities, Harrisburg offers a compelling investment landscape. These factors drive strong demand for rental properties, creating a stable, promising environment for foreign investors.
Allentown is part of Pennsylvania’s Lehigh Valley, an area that is currently experiencing incredible growth. When nearby areas were in decline, the Lehigh Valley witnessed population growth, and today, Allentown and the surrounding area is considered one of the fastest-growing markets in the Northeastern United States.
It is positioned in-between two major metropolitan areas: New York City and Philadelphia. This unique location combined with affordability has drawn many people looking for a lower cost of living without compromising too much on location.
As an investor, Allentown is promising because nearly 60% of Allentown households are occupied by renters. If you’d like to invest in an area that’s shown signs of growth, Allentown is a strong option.
Known for its rich history and strong tourism sector, Lancaster offers foreign investors unique real estate opportunities. Its blend of affordability and steady rental demand, particularly in the short-term rental market, makes it a solid option for investors. Plus, the average property tax rate is the second-lowest on this list, above only Philadelphia.
There’s more to Scranton than Michael Scott and the American version of “The Office.”
Known as the Electric City, Scranton has seen revitalization in recent years with growing industries and infrastructure improvements. Its relatively affordable property prices and rising rental demand make it a solid option for foreign investors looking for long-term appreciation and stable rental returns. Scranton’s proximity to New York City also adds to its appeal, especially for commuters and investors interested in short-term rentals.
As a real estate investor, there are a variety of key opportunities in Pennsylvania markets. Whether your goal is generating rental income, benefiting from long-term property value growth, or capitalizing on short-term rental demand, these cities stand out as promising investment destinations in Pennsylvania.
If you’ve set your sights on buying a rental property, but don’t know how to navigate the process, we’re here to help. Unlike most lenders, we provide an all-in-one platform that guides you step-by-step through the process– let us do the heavy lifting so you can enjoy your cash flow with peace of mind.. Contact us today to learn more.
All figures are accurate as of October 2024 and may change over time.* Sources for all city-related statistics:
Home price data: Zillow Housing Market
Rental price data: Zillow Rental Market Trends
Property tax data: Smart Asset Property Tax Calculator
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