Housing Development In Philadelphia

Ride up and down the streets of Philadelphia today, and almost everywhere you will see something extraordinary, housing construction and rehabilitation. The housing market in the next great American city, Philadelphia, is being revived and rejuvenated. 

• In the past 10 years, there has been a nearly 500% increase in building permits
• In the past 8 years, 12,000 new market rate units of housing were produced in Center City and adjacent neighborhoods – with an average price of $350,000. 
• About 15,000 additional luxury condos, apartments or single family homes are planned city-wide
• The average single-family home sale price in Philadelphia doubled in the past 5 years, from $62,000 to $131,000.
• Last year, the value of Philadelphia houses have appreciated faster than the national average! Philly homes were worth 15.4% more than the previous year – compared to a 12% value increase nation-wide
• According to Nick Buss of PNC Bank, Philadelphia is having its biggest building boom since the 1970s and maybe even since the 1920’s
• And, if could add a personal example, I bought a house in Mt. Airy eight years ago in August. There is no way I could afford that house today. And my taxes have gone up by 50% during that time.

This development is good. It brings new people into the city. It creates jobs. It is helping to revive neighborhoods that for too long have been in decline. And, new housing development has tremendous potential for addressing the social problems Philadelphia still faces.

The Opportunity New Development Creates

New development gives us an opportunity to create a city of economically, culturally, ethnically, and racially diverse neighborhoods, neighborhoods with public and private amenities, neighborhoods that provides opportunity  for every resident and neighborhoods that give young people hope for the future and the incentives to overcome the obstacles in their lives.

But, unless we take action soon, we are going to miss that opportunity.