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/aiohttp/helpers.py b/aiohttp/helpers.py
index bc116c3ae32..fa7b8a2ace7 100644
--- a/aiohttp/helpers.py
+++ b/aiohttp/helpers.py
@@ -3,6 +3,7 @@
 import asyncio
 import base64
 import binascii
+import contextlib
 import dataclasses
 import datetime
 import enum
@@ -213,8 +214,11 @@ 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)
diff --git a/tests/test_helpers.py b/tests/test_helpers.py
index aa1dcf6b214..0f37089d59f 100644
--- a/tests/test_helpers.py
+++ b/tests/test_helpers.py
@@ -6,6 +6,7 @@
 import platform
 import weakref
 from math import ceil, modf
+from pathlib import Path
 from unittest import mock
 from urllib.request import getproxies_environment
 
@@ -993,6 +994,26 @@ def test_netrc_from_env(expected_username: str):
     assert netrc_obj.authenticators("example.com")[0] == expected_username
 
 
+@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()
+
+
 @pytest.mark.parametrize(
     ["netrc_contents", "expected_auth"],
     [