If you need to be in Philadelphia, I would encourage you to apply for transfer to all of the medical schools in Philadelphia (and the greater Philadelphia metro area) not just one school. Whether or not you were wait listed at one particular school is not going to have any bearing on your being able to transfer. What will be crucial:
- Your grades and performance at your present school
- How compelling your reason for transfer.
- If the school accepts transfers and has a place for you.
- Backing of the deans from both schools so that the move can take place.
As you well know, transfers are not common nor automatic. Financial hardship is a pretty compelling reason for transfer but the school has to have a place for you (the reason for applying for transfer to more than one school if the option is there) and you have to have performed up to their standards.
Some schools don't have many transfer options until third year because students who are decelerated at a particular school, may have taken any open slots in second year. Good luck!