Ever wondered what you'd do if you had $1 million lying around? Here's something to consider: Investing $1 million in real estate in Chestnut Hill will earn you about $104,000 in rent per year. But the same investment in Logan Square will yield about half of that. That's according to a new report by NeighborhoodX, a real estate data start-up focused on neighborhood-level analysis.
By looking at asking price sales and rental prices during the month of January, the analysis explored the different gross rental yields if someone invested $1 million in different neighborhoods of Philadelphia. Chestnut Hill proved to be the best investment. According to the report, $1 million buys 5,102 square feet in this neighborhood, which would generate $8,712 rental income per month."
Grays Ferry and Center City East rounded out the top three neighborhoods to invest $1 million, while Graduate Hospital, Old City, and Logan Square were at the bottom of the list.
For the full breakdown, check out NeighborhoodX's interactive chart.