What do affordability, excellent healthcare, favorable tax policies, and a fulfilling lifestyle have in common? They’re all reasons Greater Philadelphia is getting noticed as a destination for empty nesters and retirees. In addition to all the area has to offer, it’s a bonus that pensions, social security benefits, and retirement account withdrawals are not taxed in Pennsylvania.
While we’ve always helped clients move from the house they raised children to their next chapter in life, it’s starting to look a little different. In the past, almost all of our clients planning for retirement wanted to scale down square footage and responsibilities associated with owning a home. Now, downsizing is not everyone’s priority. Some are looking to upsize, focusing on the importance of hosting family visitors. Others are placing outdoor space on the top of their must-haves list, opting to live near, but not in, the hustle and bustle of the city. Here are three options that may be considered when looking at Philadelphia as an option if you are approaching retirement age.
SIMPLIFY: CONDO LIVING IN THE CITY
Buying a condo in the city is a great way to simplify your lifestyle in retirement while benefiting from the culture-packed vibrancy Philly offers. With fewer bills to track and without the burden of shoveling snow or fixing a leaky roof, you can spend your time taking a language or culinary class at the Free Library of Philadelphia, get involved at a local urban garden, or stroll in one of the 565 city parks. To further your low-maintenance goals, leave your car behind and take advantage of Philadelphia's walkable neighborhoods and public transit systems.
With a mix of low, mid, and high-rise condos and a range of amenities offered by each (from 24-hr door staff with a pool to designated storage space), your Philly Home Girls agent will help you navigate the sea of buildings to perfectly match your criteria. While the majority of condo buildings are within walking distance to the city’s center, in Rittenhouse Square, Washington Square West, Society Hill, Queen Village, Old City, Avenue of the Arts, and Art Museum, further neighborhoods like Fishtown, Northern Liberties, and Chestnut Hill have been popular landing spots for many seniors looking for condo living.
UPSIZE: A HOME FOR EVERYONE
A new trend among empty nesters and retirees is upsizing, purchasing a home large enough to accommodate a growing extended family. Whether that means being able to host long visits from the grandchildren and grandpups or multi-generational living, the goal is promoting more family time. We suppose also being able to host holidays so you don’t have to travel is also a huge bonus! With a lower cost of living than DC and New York, and being situated between both, it’s no wonder why Philadelphia is on the radar for this retirement option.
Upsizing usually means more space to fit and entertain everyone, but it can also mean upsizing the age of your home. It sounds counterintuitive, but “upsizing” to a newer home can reduce costs with more efficient appliances and lessen upkeep that comes with maintaining older home systems.
Both the city and the suburbs have great options for upsizing, with some areas offering more inventory for large homes, and others for new construction
BEST OF BOTH WORLDS: NEARBY SUBURBS
Settling in a nearby suburb that offers a little bit of city life can be the perfect balance for retirement. There are many suburban spots outside of Philadelphia with strong communities, nearby green spaces, and a downtown filled with independent shops, theatres, and farmers' markets.
From hiking open spaces to visiting unusual museums, there are endless activities to do in Greater Philadelphia that will keep your life enriched. You can find your creative outlet by writing, drawing, performing, or building in a creative class or workshop. Or meet other canine lovers by volunteering with adoptable dogs.
Many of our empty-nester clients with adult children in the city find places like Narberth, Media, and Collingswood great options due to their quick access to the city on regional rail.
No matter what path you take, we’re here to guide you through the condo docs, home sale contingencies, and searching that will ultimately get you to your dream retirement home. Philly Home Girls agents work with buyers and sellers in Philadelphia and all the surrounding counties. With a network of like-minded real estate agents nationally, we can also help you find the perfect agent if you are looking for a home outside the areas we serve.
Our Marketing Manager, Bonnie Wisnowski calls this neighborhood home. Here she tells us what she loves about Port Richmond and why you should become her new neighbor (or at least come to visit).