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Downtown Living | Matt Stanley Street Chestnut

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Downtown Living | Matt Stanley Street Chestnut Chapter Name| 53 Year Round Seasonal Source: Innovata schedule data for YE October 2020 PHL | Matt Stanley Downtown Living Street Chestnut Greater Center City, the eight ZIP codes between Girard Avenue open houses. In Greater Center City and immediately adjacent and Tasker Street, has been the fastest growing residential area areas, there were more new units under construction at the of Philadelphia for the past two decades. Housing construction end of 2020 than at the end of 2019, driven by local population started in the core, prompted by the passage of the 10-year tax growth and the movement of people from other metro areas abatement in 1997, and has radiated outward, extending far into Philadelphia. north of Girard Avenue. Since 2000, the population of Greater While many workplaces were empty, the stay-at-home Center City has increased 29%, as the city as a whole grew by order intensified the use of homes, especially for those with 5%. The largest increase has been in core Center City, where the multiple adults working remotely. Dining rooms, kitchens and population is up 36% as land-use dramatically diversified with spare bedrooms were commandeered for work, or as places vacant office and warehouse buildings converted to housing and to accommodate or supervise virtual schooling. As travel, surface parking lots filled with townhouses, new apartments entertainment and dining options contracted, many found that and condominiums. This resulted in a 34% increase in housing home was the best place to shelter from the storm. While some units in the core, between 2000 and 2020, and a 29% increase in decamped for second homes at the beach, the mountains or all of Greater Center City, compared to 6% citywide. in warmer climates, there is little evidence of wholesale flight While the pandemic impaired many parts of Philadelphia’s of the middle class from Philadelphia. To be sure, long-term economy, the housing sector recovered quickly citywide, buoyed patterns of movement to suburbs continued. However, even by historically low interest rates and continued interest in city with international immigration closed down, Philadelphia living. From March to June 2020, construction, sales and leasing continued to experience both local population growth and net plummeted. However, after the first wave of the pandemic migration from other East Coast cities, as the city emerged as abated in the spring of 2020, local government permitted an attractive alternative to other higher-priced cities in construction to resume. Leasing and sales quickly rebounded, the Northeast. facilitated by much greater use of digital technology for virtual Center City District & Central Philadelphia Development Corporation CENTERCITYPHILA.ORG 54 | State of Center City Demographics: While empty nesters and families with city exceeds 10% in core Center City and is above 15% in several 54 children continue to move to Greater Center City, 25- to 34-year- neighborhoods. Neighborhoods in the northwest sections of the olds have increased from 24% of the downtown population in city also have attracted new residents and immigrants. 2000 to 34% in 2019, compared to 19% citywide. This group In 2020, Greater Center City was home to 190,000 residents and accounts for nearly four-fifths of all population growth during 98,800 households. One-third of all households were homeown- the last 20 years in Greater Center City. At the same time, those ers; 13% had children. Two-thirds of adults possessed a bach- from 35 to 54 make up 24% of Greater Center City’s popula- elor's degree and median household income exceeded $81,000. tion, while those 55 and older constitute 24%. The population In Greater Center City, 66% of all housing units were renter occu- under 20 is below the citywide average: 15% compared to 25%. pied, compared to 53% in Philadelphia as a whole and 39% in However, as young people remain in core Center City and have the region. Compared to the Philadelphia region, Greater Center children, household sizes are steadily increasing from 1.46 City residents are more likely to possess a college degree, have persons per household in 2000 to 1.52 in 2020, with households higher median income, and are far less likely to rely on an auto- in the extended neighborhoods now at 2.02 persons, compared mobile to commute to work. to 2.45 citywide. Schools: While disrupted by the pandemic, Center City pro- Housing: Population growth fueled housing development. In vides a wide range of school options. Nine charter schools, 18 2020, 2,624 dwelling units were completed in Greater Center traditional public schools, and 13 private or parochial schools City and adjacent ZIP codes, down somewhat from 2019, reflect- located in the area enrolled 15,707 students in kindergarten ing the pause in construction mandated in the spring. By the through eighth grade in the 2020-2021 academic year. Tradi- end of the year, however, there were 9,643 units under construc- tional public schools in Greater Center City draw 70% of their tion, as the development zone around the downtown continued elementary students from the local neighborhood. Two decades to expand. This represents a 43% increase from the number of ago, they could only be filled by reaching citywide. Today, down- units being built as of the end of 2019. town charters fill that citywide role. Sales of condominiums and single-family homes declined in Despite concerns about people moving to the suburbs, there the second quarter of 2020, particularly in the core, due to the is little evidence of any accelerated flight from the city. The absence of workers, visitors and cultural amenities and the shutdown of foreign immigration in 2020 did reduce the number impact of social unrest in June 2020. Sales quickly rebounded of new people moving into the city, but Philadelphia continues in the third quarter and exceeded prior year levels by the fourth to attract more people from Boston, New York and Washington quarter. In 2020 overall, the average sale price of Greater Center than those moving the other way. The neighborhoods of Phila- City housing was $513,200, a 3% increase over 2019, while the delphia that are attracting new residents are in close proximity number of sales totaled 3,217, a 6% increase, and the average to the center of the city where colleges, universities and medical time on market declined 28% to 61 days. schools are situated and where 53% of all jobs are located. The percentage of current residents who have recently moved to the Philadelphia Age Distribution Greater Center City Age Distribution 2000 2000 29% 8% 15% 15% 10% 8% 7% 7% 18% 10% 24% 15% 12% 8% 7% 7% 2010 2010 26% 10% 16% 12% 13% 11% 6% 6% 14% 11% 29% 13% 11% 10% 6% 6% 20152019 20152019 25% 7% 19% 12% 12% 12% 8% 6% 15% 6% 34% 14% 10% 10% 8% 6% 5.8% Under 20 Years 20 to 24 Years 25 to 34 Years 35 to 44 Years 45 to 54 Years 55 to 64 Years 65 to 74 Years 75 Years and Over Source: 2000 and 2010 from decennial Census, 2019 from Census Bureau, American Community Survey, five-year estimate. CENTERCITYPHILA.ORG Center City District & Central Philadelphia Development Corporation Downtown Living | 55 Based on a comparison by Redfin, Philadelphia’s median home located in Greater Center City. Downtown provides proximity to sale price increased 15% from December 2019 to December job opportunities, cultural offerings and thousands of retail 2020, compared to a decrease of 1% in Boston, and a 5% establishments and restaurants. Walkable and bikeable increase in New York. neighborhoods have unparalleled connectivity via transit and automobile to locations throughout the region and the North- Rents declined modestly in the core in 2020, to an average of east. Most of the pre-automobile commercial corridors in the $1,883, but continued to increase in nearby neighborhoods. extended neighborhoods, derelict in the 1970s and 1980s, now Citywide, rents declined in 2020, but less precipitously than offer a broad range of services and amenities provided by many in high-cost cities such as New York, Washington, and local proprietors. During the pandemic, these commercial areas San Francisco. benefited from seven-day demand, prompted by stay-at-home mandates. National and regional supermarkets and many big Center City remains an attractive residential location due to box retailers have created new urban formats in these neigh- multiple strengths that have temporarily been interrupted — borhoods. They are augmented by several year-round farmers but not fundamentally disrupted — by the pandemic. Very few markets. Together, they have dramatically increased the array of downtowns can match the extraordinary range and affordability products and services available to Greater Center City residents. of diverse neighborhoods, architecture styles and housing types Greater Center City Racial/Ethnic Diversity, 2019 White* 62.0% Very few downtowns61% White* can Black or 17.7% African American* match the extraordinary19% Black or range Asian* 10.4% African American* 190,000 Hispanic/Latino 6.5% and affordability10% Asian* of diverse TOTAL POPULATION of Any Race neighborhoods, architectureHispanic/latino Two or More/ 3.2% 7% of Any Race Other* styles and housing types *Non-Hispanic 4% Two or More/ (Hispanic may be of any race) in Greater CenterOther* City. *Non-Hispanic Source: U.S. Census Bureau, American Community Survey, (Hispanic may be of any race) 2019 five-year estimates Population and Housing Characteristics of Center City, Philadelphia, and Region, 2020 CORE EXTENDED GREATER PHILADELPHIA CENTER CITY CENTER CITY CENTER CITY PHILADELPHIA METRO Total Population 61,471 128,529 190,000 1,559,579 6,191,755 Area (Square Miles) 2.2 5.6 7.8 134.1 4,603.1 Population Density (per Square Mile) 27,717 22,767 24,163 11,630 1,345 Average Household Size 1.52 2.02 1.82 2.45 2.56 Percent of Households Owner Occupied 27% 39% 34% 47% 61% Percent of Households with Children 6% 18% 13% 30% 33% Percent Bachelor's or more 78% 61% 67% 30% 38% Median Household Income $86,482 $76,778 $81,157 $46,991 $56,639 Non-Auto Commuting Mode Share 96% 59% 69% 42% 20% Percent No-Vehicle Households 48% 29% 36% 30% 13% Source: U.S.
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