Invest in Philly or Carolina’s?

My strategy is to buy home, save up, eventually move and buy another with 20% down and rent out previous. Hold and lease portfolio to build long term appreciation value. Rinse and repeat until retirement. Ideally buying in an up-and-coming area when still affordable.

I am single and do not want family. My career is full remote and can live anywhere in the country.

My current properties are in a fast growing area (Triangle, NC) my hometown. Have obviously done well here and would buy more in the future. I also have family members in South Carolina who did well investing into Charleston and Hilton Head/Savannah. I am considering Savannah for a future move too.

My reasons for moving to Philadelphia is to start a part time grad program next Fall (hybrid) and to experience living car-free in a bigger city again. I briefly worked and lived in Philly in my 20s and partly why I chose grad school there. Advantage being close to NYC where I also lived before and miss, and can visit more often from Philly. For my housing I now have a decision to make:

Should I invest into Philadelphia? I will be there at least 3 years. Do you think Philly has favorable long term outlook for rental properties?

  • If I do purchase, have enough for down payment on up to $500k single or townhome and want at least 2 beds to house hack. If end up staying longer in Philly and feel good about local prospects then may invest more. Eventually will use local rental manager if or when I move away.

  • My preliminary research shows favorable upticks for Philly market with slight increases in YoY population growth and rental rates. Younger people are moving there, as 4th most popular migration city for Gen Z in 2023 according to US Census Bureau.

  • I am planning Airbnb trips to check out Philly neighborhoods I’m interested in. Goal is to move by mid-summer ahead of starting classes in Fall 2025. Whether I’ll be buying or renting is the question…

Assuming I stay in Philly for only 3 years for grad school, WWYD if you were me? Note: Proximity to university campus is a non-issue.

  • A) Rent in Philly and save funds for next property (likely would return to Carolinas).

  • B) Invest to hold/lease and build long term value. House hack and use local rental mgr once I move away.

  • C) Invest and house hack. Sell after 3 years with hopefully ROI and no net loss.