Downtown Living | Matt Stanley Street Chestnut

Chapter Name| 53

Year Round

Seasonal

Source: Innovata schedule data for YE October 2020

PHL

Downtown Living | Matt Stanley 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. Census Bureau, American Community Survey 2019 five-year estimates, ESRI.

Center City District & Central Philadelphia Development Corporation CENTERCITYPHILA.ORG 56 | State of Center City 1 9 13 Adaire K–8 School GIRARD AVE Spring Garden Enrollment, 2020 Bache-Martin 39 28 34 Ludlow 3 25 250 or Less Morris Waring 251 to 500 36 7 17 15 More than 500 24 Kearny 20 VINE ST Charter School 32

BROAD ST Private School 30 Public School 31 26

Catchment Area MARKET ST City Hall McCall Boundary Greenfield 23 5 Greater Center 33 City Boundary 38 Source: Pennsylvania Department of Education PINE ST 10 35 21 40

Jackson Meredith Arthur 12 2 27 16 19 22 29 14 Alcorn Stanton Nebinger 6 18 4 Childs 18 37 McDaniel 8

TASKER ST Kirkbride 11 Vare-Washington

Public Schools Charter Schools Private Schools

1. Adaire, Alexander School 19. Christopher Columbus Charter 28. City School at Fairmount 2..Arthur, Chester A. School 20. Folk Arts Cultural Treasures 29. Crooked Places Made Straight 3. Bache-Martin School 21. Independence Charter School 30. Friends Select School 4. Childs, George W. School 22. Laboratory Charter School of 31. Greene Towne School Inc 5. Greenfield, Albert M. School Communication & Language 32. Holy Redeemer School 6. Jackson, Andrew School 23. Mastery Charter-Lenfest Campus 33. Philadelphia Classical School 7. Kearny, Gen. Philip School 24. Math, Civics and Sciences 34. Philadelphia Free School 8. Kirkbride, Eliza B. School 25. People For People 35. Philadelphia School 9. Ludlow, James R. School 26. Russell Byers Charter School 36. St. Francis Xavier School 10. McCall, Gen. George A. School 27. Universal Institute 37. St. Gabriel School 11. McDaniel, Delaplaine School 38. St. Mary Interparochial School 12. Meredith, William M. School 39. St. Peter the Apostle School 13. Morris, Robert School 40. St. Peter's School 14. Nebinger, George W. School 15. Spring Garden School 16. Stanton, Edwin M. School 17. Vare-Washington Elementary 18. Waring, Laura W. School

CENTERCITYPHILA.ORG Center City District & Central Philadelphia Development Corporation 1 Downtown Living | 57 9 13 Adaire K–8 School GIRARD AVE Spring Garden K-8 Enrollment in Greater City Public and Charter Schools, 2010-2020 Enrollment, 2020 Bache-Martin 39 28 Private Charter District 34 Ludlow 9,000 3 25 250 or Less Morris 8,000 Waring 251 to 500 36 7 7,000 17 6,000 15 More than 500 5,000 24 Kearny 20 4,000 VINE ST Charter School 32 3,000

BROAD ST Private School 2,000 30 Public School 31 26 1,000 0 Catchment Area MARKET ST City Hall McCall 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 Boundary Greenfield 23 5 Greater Center 33 Source: Pennsylvania Department of Education City Boundary 38 Source: Pennsylvania Department of Education PINE ST 10 35 21 40

Jackson Meredith Arthur 12 2 27 Population and Housing Characteristics of Center City, Philadelphia, and Region, 2000-2020 16 19 22 29 14 Alcorn GROWTH GROWTH GROWTH Stanton Nebinger 2000 2010 2020 2000-2010 2010-2020 2000-2020 6 18 4 POPULATION Childs Core Center City 44,809 53,228 60,978 19% 15% 36% 18 37 McDaniel 8 Extended Center City 101,155 109,627 127,497 8% 16% 26%

TASKER ST Greater Center City 145,964 162,855 188,475 12% 16% 29% Kirkbride 11 All Other Neighborhoods 1,371,586 1,363,151 1,407,104 -1% 3% 3% Vare-Washington Philadelphia 1,517,550 1,526,006 1,595,579 1% 5% 5% HOUSEHOLDS Core Center City 27,777 32,162 37,260 16% 16% 34% Extended Center City 46,838 52,417 61,579 12% 17% 31% Greater Center City 74,615 84,579 98,839 13% 17% 32% All Other Neighborhoods 515,456 515,157 530,929 0% 3% 3% Philadelphia 590,071 599,736 629,768 2% 5% 7% AVERAGE HOUSEHOLD SIZE Core Center City 1.46 1.51 1.52 3% 1% 4% Extended Center City 2.11 2.05 2.02 -3% -1% -4% Greater Center City 1.87 1.84 1.83 -1% 0% -2% All Other Neighborhoods 2.57 2.55 2.56 -1% 0% 0% Philadelphia 2.48 2.45 2.45 -1% 0% -1% HOUSING UNITS Core Center City 30,700 36,101 41,005 18% 14% 34% Extended Center City 54,438 59,639 68,455 10% 15% 26% Greater Center City 85,138 95,740 109,460 12% 14% 29% All Other Neighborhoods 576,820 574,431 589,051 0% 3% 2% Philadelphia 661,958 670,171 698,511 1% 4% 6%

Source: 2000 and 2010, U.S. Census Bureau, decennial census; 2020, Esri.

Center City District & Central Philadelphia Development Corporation CENTERCITYPHILA.ORG 58 | State of Center City

Housing Completions by 58 Area of Center City, 2020

Unit Count: 5 or Fewer 19121 19122 6-10 11-25 19125 26-50

51-100

101-200 19130 19123

More than 200

Single Family 19103 19107 Apartments

ZIP Code Boundary 19102 19106

Source: CCD analysis of Philadelphia Department of Licenses and Inspections data. 19109

19146

19147

19145 19148

Housing Units in Progress by Area of Center City, 2020 UNITS UNDER % OF UNITS UNDER AREA (ZIP CODE) CONSTRUCTION CONSTRUCTION Core West (19102, 19103) 1,192 8% Core East (19106, 19107) 194 1% CORE CENTER CITY TOTAL 1,386 10% Extended Northwest (19130) 1,331 9% Extended Northeast (19123) 2,030 14% Greater Center City Extended Southwest (19146) 519 4% Extended Southeast (19147) 86 1% and immediately Extended Center City Total 3,966 28% GREATER CENTER CITY TOTAL 5,352 37% adjacent areas Adjacent Northwest (19121) 715 6% accounted for 67% Adjacent North (19122) 1,814 13% Adjacent Northeast (19125) 1,461 10% of the new housing ADJACENT NORTH TOTAL 3,990 28% units completed in Adjacent Southwest (19145) 226 2% Adjacent Southeast (19148) 75 1% Philadelphia in 2020. ADJACENT SOUTH TOTAL 301 2% ADJACENT ZIP CODE TOTAL 4,291 30% GREATER CENTER CITY AND ADJACENT ZIP CODES 9,643 67% CITYWIDE TOTAL 14,415 100%

Source: CCD analysis of Department of Licenses and Inspections data.

CENTERCITYPHILA.ORG Center City District & Central Philadelphia Development Corporation Downtown Living | 59

Greater Center City Housing Units Completed, 2000–2020

Apartment Condo Single Family

3000

353 353 2500 353 180 180

2000 327 118 1500

1000 478 500

2,277 1,697 648 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source City of Philadelphia Department of Licenses and Inspections

City’s Share of Regional Permits for New Housing, 2001-2020

Suburbs City 25,000

20,000

15,000 1 1,000 10,417 11,04

5,000 5,665 0 4,566 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: U.S. Census Bureau, Building Permits Survey

Residential Sales in Greater Center City

Single Family Condo 1,200

900 Residential sales in Greater Center City rebounded in 358 357 295 363 600 286 the third quarter of 2020, 271 283 218 as prices continued to rise 300 and houses sold quickly.

475 591 627 536 431 386 589 626 0 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4

Source: Kevin Gillen, Lindy Institute - Drexel University

Center City District & Central Philadelphia Development Corporation CENTERCITYPHILA.ORG 105

100

75 60 | State of Center City

70 Monthly Apartment Rent Index, Major Cities, Percentage of Population Who Moved Into Each 60 2020-2021 ZIP Code Within the Past Year, 2019

(January 2020 = 100) 105

100

-20 y-20 Percent Moved Jan-20 Feb-20 Mar Apr-20 Ma Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Source: Apartment List 0.7% –2.5% Baltimore Philadelphia Washington Boston Seattle 2.51% - 3.9% 3.91% - 5.3% New York San Francisco 5.31 - 10.3% 10.31 - 15.5% 15.51 - 23.8% No Data

Source: U.S. Census Bureau, American Community Survey, 2019 five-year estimates

Average Monthly Rent, Greater Center City and Adjacent ZIP Codes, 2014-2020

Core Center City Extended Center City Adjacent ZIP Codes $2,000 $1,902 $1,843 $1,844 $1,866 $1,807 $1,883 $1,815 $1,722 $1,750 $1,795 $1,742 $1,708 $1,577 $1,667 $1,618 $1,500 $1,380 $1,359 $1,397 $1,312 $1,338 $1,285

$1,250 $1,259

$1,000 2014 2015 2016 2017 2018 2019 2020

Source: Zillow Rent Index

CENTERCITYPHILA.ORG Center City District & Central Philadelphia Development Corporation Downtown Living | 61

Philadelphia Housing Price Index, Greater Center City, Annual Change, 2001-2020

20%

15.0% 15.0% 15% 13.1% 13.6% 13.1% 10.0% 10% 9.4% 9.3% 8.7% 7.2% 6.3% 7.0% 4.4% 5% 0.7% 2.4% 2.1% 1.1% 0%

-5% -4.5% -5.3%-5.7%

-10% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Econsult Solutions Inc, Phialdelphia Housing Index

Adjusting for inflation and housing type, home values have risen in Philadelphia for all but three of the last 20 years including a 13.1% increase in 2020.

MLS Brokered Residential Sales in Greater Center City and Adjacent ZIP Codes, 2020

% CHANGE AVERAGE % CHANGE AVERAGE DAYS % CHANGE AREA SALES FROM 2019 PRICE FROM 2019 ON MARKET FROM 2019

CORE CENTER CITY 732 -9% $621,657 -4% 89 -23% East 353 -7% $528,279 -5% 80 -25% West 379 -11% $708,629 -3% 97 -20%

EXTENDED CENTER CITY 2,485 12% $481,248 +8% 53 -30% North 764 8% $466,150 +6% 53 -30% East 286 26% $494,654 +1% 61 -28% West 478 -1% $449,095 +8% 48 -28% South 1,721 14% $487,950 +9% 53 -29% East 689 21% $516,257 +5% 54 -33% West 1,032 10% $469,052 +11% 52 -24%

GREATER CENTER CITY TOTAL 3,217 6% $513,197 +3% 61 -28%

Source: MLS

Center City District & Central Philadelphia Development Corporation CENTERCITYPHILA.ORG