Older homes come with some positive traits, such as character and charm, but they also typically require more maintenance and often require significant renovations to become liveable. Many of the affordable properties available to low-income Philadelphia residents are these older houses. It’s rich with history, but also ripe with older homes. Philadelphia is one of the older cities in the country - it’s where the Declaration of Independence was signed, so its existence goes hand-in-hand with the establishment of this country. Over 35% of households in Philadelphia need repairs each year, with an average repair cost of $1,685. In fact, Philadelphia homeowners have some of the highest repair costs in the country.
The costs to own a home can quickly add up - from homeowners insurance to property taxes and maintenance costs. Aging homeowners in Philadelphia face some unique challenges.