Philly is the eighth most undervalued city in America, according to a new report.
What does that even mean? Essentially, it’s a bargain to live here.
That’s according to SmartAsset, which just released its second annual Most Undervalued Cities report, deeming Charleston, South Carolina the most undervalued city in America. This year, Philly actually fell six spots from its No. 2 ranking in 2016.
Last like year, the researchers came up with a model that estimated a city's home value per square foot based on livability, or how "desirable" a place is to live. They looked at crime, weather, high school graduation rates, walkability, and unemployment.
For Philly, the report found that despite its fall in the rankings, the city still has plenty to offer, calling out its high walk score and access to restaurants and entertainment.
Philadelphia, despite being a large city, leans on the affordable side. But even though it’s relatively affordable, Philadelphia does not come up short on livability. The city contains 91 dining and entertainment establishments per 100,000 residents. Most of the fun is also within walking distance. Philadelphia is the sixth-most walkable city in the study.
Based on the report’s calculations, Philly’s value per square foot should be $227.20. In reality, it’s $97.50, which comes out to a $129.70 difference. The big takeaway? Philly offers a great bargain.