College Neighborhood Flourishes in Philly

One of Philadelphia’s most desirable neighborhoods is one adjacent to the University of Pennsylvania campus. According to real estate aggregator Redfin, Spruce Hill is one of Philly’s hottest neighborhoods. The area, which the Daily Pennsylvanian characterizes as extending “west from 40th Street to 46th Street and north from Woodland Avenue to Market Street,” has historically been known for low rates of home ownership. College graduate students and professors, however, are helping the area turn around.

Penn is directly to thank for the rise of one of West Philly’s hottest neighborhoods.

Home prices are definitely on the rise in Spruce Hill. The median home sale price has escalated to $530,000, a full $315,000 higher than the city’s overall median. The past year has seen a shift in trends from rentals to purchases. Redfin notes that there are definite signs of real estate development in the area, rising prices and increased occupancy among them.

Jimmy Caraway, a representative of Redfin, says that the proximity of UPenn is to thank for Spruce Hill’s rise in the world. Those who work at or attend the college are seeking housing near either UPenn or the surrounding hospitals. UPenn has actually taken a direct hand in the development, creating the Penn Home Ownership Services office, which creates incentives for Penn faculty and students to buy and update homes in West Philadelphia. The PHOS offers forgivable loans and help with closing costs to buyers associated with the college who buy homes in certain areas of West Philly. Unsurprisingly, Spruce Hill is one of these areas.

Penn Business Services Director of Communications and External Relations Barbara Lea-Kruger says that the housing program is just one example of how the school has reached out to the surrounding community in recent years.“From the late ‘90s to 2004 … there was a comprehensive initiative involving safety, lighting, home ownership, retail, education.” Kruger said. PHOS was and is one of those programs.

As a result, Spruce Hill is now a desirable place to live and a notable part of the Philly landscape.