diff --git a/CHANGES/7237.bugfix b/CHANGES/7237.bugfix
new file mode 100644
index 00000000000..26f85ea9c95
--- /dev/null
+++ b/CHANGES/7237.bugfix
@@ -0,0 +1 @@
+Fixed ``PermissionError`` when .netrc is unreadable due to permissions.
diff --git a/CONTRIBUTORS.txt b/CONTRIBUTORS.txt
index 6c2fabbdece..8e31468aee6 100644
--- a/CONTRIBUTORS.txt
+++ b/CONTRIBUTORS.txt
@@ -153,6 +153,7 @@ Jake Davis
 Jakob Ackermann
 Jakub Wilk
 Jan Buchar
+Jan Gosmann
 Jashandeep Sohi
 Jens Steinhauser
 Jeonghun Lee
diff --git a/aiohttp/helpers.py b/aiohttp/helpers.py
index 874ab1ac076..eb0782ff37f 100644
--- a/aiohttp/helpers.py
+++ b/aiohttp/helpers.py
@@ -3,6 +3,7 @@
 import asyncio
 import base64
 import binascii
+import contextlib
 import datetime
 import functools
 import inspect
@@ -226,8 +227,11 @@ def netrc_from_env() -> Optional[netrc.netrc]:
     except netrc.NetrcParseError as e:
         client_logger.warning("Could not parse .netrc file: %s", e)
     except OSError as e:
+        netrc_exists = False
+        with contextlib.suppress(OSError):
+            netrc_exists = netrc_path.is_file()
         # we couldn't read the file (doesn't exist, permissions, etc.)
-        if netrc_env or netrc_path.is_file():
+        if netrc_env or netrc_exists:
             # only warn if the environment wanted us to load it,
             # or it appears like the default file does actually exist
             client_logger.warning("Could not read .netrc file: %s", e)
@@ -742,7 +746,6 @@ def ceil_timeout(delay: Optional[float]) -> async_timeout.Timeout:
 
 
 class HeadersMixin:
-
     ATTRS = frozenset(["_content_type", "_content_dict", "_stored_content_type"])
 
     _content_type: Optional[str] = None
diff --git a/tests/test_helpers.py b/tests/test_helpers.py
index d192545de7f..6099afac22a 100644
--- a/tests/test_helpers.py
+++ b/tests/test_helpers.py
@@ -5,6 +5,7 @@
 import platform
 import tempfile
 from math import isclose, modf
+from pathlib import Path
 from unittest import mock
 from urllib.request import getproxies_environment
 
@@ -178,7 +179,6 @@ def test_basic_auth_from_not_url() -> None:
 
 
 class ReifyMixin:
-
     reify = NotImplemented
 
     def test_reify(self) -> None:
@@ -763,3 +763,23 @@ def test_repr(self) -> None:
 )
 def test_parse_http_date(value, expected):
     assert parse_http_date(value) == expected
+
+
+@pytest.fixture
+def protected_dir(tmp_path: Path):
+    protected_dir = tmp_path / "protected"
+    protected_dir.mkdir()
+    try:
+        protected_dir.chmod(0o600)
+        yield protected_dir
+    finally:
+        protected_dir.rmdir()
+
+
+def test_netrc_from_home_does_not_raise_if_access_denied(
+    protected_dir: Path, monkeypatch: pytest.MonkeyPatch
+):
+    monkeypatch.setattr(Path, "home", lambda: protected_dir)
+    monkeypatch.delenv("NETRC", raising=False)
+
+    helpers.netrc_from_env()