This work was generously supported and funded by Wells Fargo Foundation.
SaverLife Research: Is Philadelphia still a city where the dream of homeownership can come true?
SaverLife’s latest report explores this critical question by lifting up the voices and financial realities of low- and moderate-income renters across the Philadelphia region.
Through a custom survey and in-depth insights from local members, we examine whether the city’s long-standing reputation for housing affordability is still accessible to everyday families—and what can be done to preserve it.
This report is part of SaverLife’s Grow, Learn, Share Engagements, an initiative designed to deepen impact in local communities. Through this model, we partner with organizations like the Wells Fargo Foundation to amplify member voices, deliver targeted financial support, and surface actionable insights that guide programs, policies, and tools for lasting financial health.
What we found: Key findings
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80% of Philadelphia area renters reported that they wanted to buy a home someday. Yet, this lags behind national numbers where 90% of renters aspire to homeownership.
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73% named income insufficiency as a barrier, 54% identified credit-related concerns, and 36% shared they faced savings-related stumbling blocks.
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86% reported that it was somewhat or very difficult to cover their expenses and bills, though homeownership could offer some relief for household budgets among some renters because of the unique market conditions in Philadelphia.
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Although a higher share of Philadelphia renters use rent reporting than SaverLife members across the country (20% vs 13%), 51% had not heard of rent reporting programs, 21% had a landlord who won’t participate in the programs, and 16% are not eligible for the programs because their name is not listed on the lease.
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36% of respondents believe 20% is the minimum downpayment to buy a home. 74% of respondents were aware of down payment assistance programs and it will be critical to ensure that the 8% of renters who want to buy a home in the next year are connected to these programs.
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67% of Philadelphia-based SaverLife members face multiple barriers - income, credit, savings - on their homeownership journey. As such, multi-pronged solutions are critical to continue to ensure that Philadelphia can support the homeownership dreams of its low- and moderate-income residents.
Meet a Philadelphia SaverLife member:
Deborah’s story is a testament to the power of being intentional with finances and the impact of programs that support families on their financial health journeys. Through disciplined saving, strategic budgeting, and a commitment to living within their means, Deborah and her family have found ways to thrive while staying true to their values.