2010 Census Shows Philadelphia Youth Movement

2010 Census Shows Philadelphia Real Estate Youth Movement

The latest census findings have substantiated what those in the Philadelphia real estate community have long known – first time home buyers and young professional are moving into the city en masse. Philly.com recently published an article which detailed how: “An explosion of 20- and 30-somethings is changing the look of Philadelphia – and helping to drive a dining, shopping, and arts scene that thrives in the face of a dismal economy”. The author bases his contention on the latest census findings, some of which are summarized below:

• Northern Liberties residents in their 20’s and 30’s increased 77 percent in since the 2000 census. Northern Liberties gained 2,500 more young adults , now the majority, and comprising 53 percent of neighborhood residents which is up from 37% in the previous census.
• The neighborhood with the largest percentage of young adults in Philadelphia, according to data released Thursday, is Manayunk. Today, 59 percent of residents there are in their 20s or 30s, up from 43 percent in 2000.
• Southwest Center City (Graduate Hospital) mirrored the growth in Northern Liberties. The young-adult population there grew by 65 percent, and that share of the population jumped from 35 percent to 53 percent.
• Philadelphia now has six neighborhoods where young adults constitute majorities: Manayunk, Northern Liberties, Southwest Center City, University City, Center City, and Fairmount/Spring Garden.
• The section of North Philadelphia west of Broad Street near Temple University had a dramatic rise in people in their 20s – up 74 percent. They now account for 21 percent of all people living in the area, up from 12 percent in 2000.

The two neighborhoods with the highest percentage of growth in young adults also had the most growth in wealth.

• Average household income in Southwest Center City rose from $42,677 in 1999 to $68,644 in the five years from 2005 to 2009 – a 61 percent increase. Income in Northern Liberties rose 57 percent, from $50,730 to $79,476, according to estimates from the Census Bureau’s American Community Survey

To search Philadelphia Real Estate listings for condos, homes and apartments click here.

Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
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