Center City Housing: The Rebound Continues

Residential
November 2012
www.CenterCityPhila.org
Center City Reports
Center City Housing:
The Rebound Continues
Center City continues to grow market
share among singles, couples, parents
with children, and empty nesters – all
of whom have many other choices
about where they can live within the
region. The national economy may be
slow to recover. Post-election signals
from Washington, D.C. remain unclear.
News from the European Union still
fosters uncertainty. But Center
City has maintained its appeal for
multiple reasons. Philadelphia offers a dense cluster of
high-rise office jobs and an intimatelyscaled, walkable downtown, rich with
more than 300 years of architecture
and history, where 74% of residents
enjoy the ability to commute to
work without a car.1 Second are the
A publication of the
Central Philadelphia
Development Corporation
and the Center City District
660 Chestnut Street
Philadelphia, PA 19106
215.440.5500
amenities: a large concentration of
arts, cultural, and entertainment venues
unavailable elsewhere in the region
are complemented by an extraordinary
variety of high-quality restaurants and
a steadily improving retail mix. Third
is an almost unparalleled range of
educational and healthcare institutions.
Finally, as documented in this report,
housing types and high-quality
options continue to increase in
historic and contemporary settings
and in townhouses, lofts, and
high-rise construction.
increased, days on market decreased,
the inventory of condo units left
unsold from 2008-2009’s severe
recession steadily declined, and the
rental market is expanding. Most
significantly, the amount of renovation
and new construction increased for
the second year in a row. New rental
housing is being added in the core, and
townhouses are continuing to infill the
Extended Center City neighborhoods.
Together, rentals and in-fill construction
are expanding housing options at
multiple price points.
Building upon a 10.2% increase in
population in the decade from 2000
to 2010,2 Center City has continued
to build momentum. The volume and
price of housing units sold in 2012
Volume and Prices Increase
for Home Sales
The volume of sales handled by brokers
in Greater Center City during the first
Several new high-rise rental projects are under construction in the core of downtown, while townhouses continue to be built and sold in the neighborhoods of Extended Center City.
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
1
Residential
Center City: Core + Extended = Greater Center City
Center City: Core + Extended = Greater Center City
The map on the left shows the
boundaries and definitions used
in this report. The outlines of
the Center City District’s service
area are used to define the highdensity commercial downtown.
Core Center City neighborhoods
are those immediately adjacent,
between Vine and Pine Streets,
corresponding to four Zip codes.
Extended Center City is used
to define the neighborhoods
included in the two Zip codes
between Vine Street and Girard
Avenue and the two Zip Codes
between Pine Street and Tasker
Street. Within all eight of these
Zip codes, approximately 40%
of employed residents work
in Center City, compared to
the citywide average of 20%.
The entire residential area
between Girard Avenue and
Tasker Street is referred to as
Greater Center City.
Greater Center City
GIRARD AVE
Extended
Center City
19123
19130
YL
U
H
SC
LL
KI
Center City
District
VE
RI
R
VINE ST
19102
19102
19103
19107
DELAWARE RIVER
Center
City Core
5,849
19106
PINE ST
Philadelphia
BROAD ST
19146
Pennsylvania
New Jersey
Extended
Center City
19147
TASKER ST
Approximately 180,000 residents (12% of the city’s population)
now live between Girard Avenue and Tasker Street, and 40% of
employed residents work in Center City.
Center City District + Center City Core = Central Business District and immediately adjacent residential and commercial areas
Extended Center City = Residential neighborhoods for which downtown is the dominant source of employment
Residential Sales, January-October 2012
Total Sales
Zip Code
Average Sales Price
Average Days on Market
2011
2012
% Change
2011
2012
% Change
2011
2012
% Change
19102
55
62
12.7%
$446,312
$486,551
9.0%
113
76
-32.7%
19103
216
226
4.6%
$544,864
$610,452
12.0%
164
116
-29.3%
19106
136
141
3.7%
$503,990
$568,880
12.9%
114
114
0.0%
19107
99
87
-12.1%
$343,428
$388,025
13.0%
126
102
-19.0%
Core CC Total
506
516
2.0%
$483,755
$546,703
13.0%
138
108
-21.3%
19123
119
111
-6.7%
$319,997
$335,564
4.9%
101
101
0.0%
19130
247
283
14.6%
$313,845
$346,544
10.4%
82
79
-3.7%
19146
455
525
15.4%
$277,643
$296,308
6.7%
87
82
-5.7%
19147
380
386
1.6%
$334,903
$339,419
1.3%
97
96
-1.0%
Extended CC Total
1,201
1,305
8.7%
$307,403
$323,293
5.2%
91
87
-3.8%
Greater CC Total
1,707
1,821
6.7%
$359,678
$386,599
7.5%
104
93
-10.9%
Source: Trend Multiple Listing Service, Q1-Q3 2011 & Q1-Q3 2012; compilation provided by Nigel Richards – Coldwell Banker Preferred
2
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Residential
three quarters of 2012 increased by
6.7% over this same time period in
2011, with the average sale price up
by 7.5% to $386,599. In the core of
Center City, between Pine and Vine
Streets, prices rose 13% over 2011,
with the average home selling for
$546,703. The pace of sales in Greater
Center City also picked up: the average
number of days properties remained on
the market decreased by 10.9%, driven
by even greater decreases in Zip codes
19102 (-33%) and 19103 (-29%).
Downtown Diversification
In 1991, within the boundaries of the
Center City District (CCD), there was
just one major condominium building.
But the passage of the 10-year tax
abatement in 1997 tapped into a
growing demand for downtown living.
According to tabulations by Newmark
Grubb Knight Frank, between 2001
and 2011, 28 commercial office
buildings with a total of 2.76 million
square feet were converted to
residential use. In 2012, 260 South
Broad Street was added to the list.
The expansion of the abatement in
2000 to include new construction
soon prompted both new high-rises
and townhouses throughout Center
City, as well as the development of
thousands of housing units across
the rest of the city. Downtown has
now become a highly successful livework environment. Within what used
to be almost entirely an office district,
there are now 49 condominium
buildings containing 3,871 units and
another 165 apartment buildings with
15,630 units.3
Remaining Condominium
Inventory Reduced
As the chart on page 4 shows, the
national economic downturn brought
new condominium production to an
abrupt halt. With economic uncertainty
and mortgages hard to secure, sales
dropped dramatically, and many
At 21st and Market Streets, the former AAA office building has been converted to rental housing and eight
floors have been added to create 275 units.
potential purchasers of higher-end
homes were unable to sell their
existing residences in the suburbs.
However, the slow but steady recovery
has substantially reduced the volume
of units that were left unsold. Within
the boundaries of the CCD, only
9.6% (403) of 3,871 condo units are
still held by their developers.4 The
overwhelming majority of unsold units
were in the last four buildings to come
to market before the recession: the
Aria, the Murano, Ten Rittenhouse, and
the Residences at the Ritz-Carlton. At
the beginning of 2012, 43.2% of the
units in these four buildings were still
held by their developers. By
November, only 244 (30.3%) of the 806
units in these four buildings remained
unsold, with one building having
achieved sales of 91% of its units. In
the final quarter, two other buildings
are rapidly approaching 75% sales with
additional units under agreement.
For the third quarter of 2012, the
mean condominium sale price was
$412,121, driven by a maximum sale
price for a unit in Rittenhouse Square
at $4.69 million. The median condo
sales price during the third quarter
was $325,000.5
New Construction Continues
Within Greater Center City, from
Girard Avenue to Tasker Street, new
construction and renovation has
continued at a steady pace. In the first
three quarters of 2012, 463 units of
housing of all types were completed,
with another 2,574 units under way.
The lion’s share of this construction is
apartments, with 195 units completed
to date. An additional 1,876 units are
currently under construction, primarily
in the core of downtown, which
has experienced a 26% increase in
population over the last two decades.6
The extended neighborhoods are
experiencing sustained, in-fill, singlefamily development, as vacant lots or
former industrial sites are converted
to housing, providing more affordable
opportunities for many first-time
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
3
Residential
Core & Extended
CenterCenter
City Residential
Units
Core & Extended
City Residential
UnitsCompleted
Completed
2500
2000
Developments
1500
1000
500
179
49
33
403
89
195
0
2000
2001
Apartments
2002
Condos
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Single-Family Homes
Source: Developments Database, CCD – 2012
homebuyers. In 2012, 179 units of
single-family housing were completed,
with an additional 301 units under
construction. Sale prices during the
first three quarters of 2012 in the
extended neighborhoods averaged
$323,293, 41% lower than prices in
the Core, but 5.2% higher than during
this same period in 2011.
Downtown housing production, which
began a slow, but steady recovery in 2009,
is beginning to accelerate.
Residential Construction in Progress: 2012
Type
Based on the 5-year estimates from
the American Community Survey
(ACS) for the period 2006-2010, Greater
Center City has 46,079 occupied rental
units, so this new inventory under
construction would add only 3% to the
supply of rentable, occupied housing
units. Still, given the significant jump in
volume of new apartment construction
under way, it is probably appropriate
to raise a yellow caution flag for any
proposed new rental developments not
already in the pipeline.
The Philadelphia Apartment Company,
with over 8,000 units in Center
City, reports that rents in Greater
Center City declined very slightly
between 2009 and 2011 for studio,
one-bedroom, and two-bedroom
4
# of Units
Rental
1,876
Condo
397
Single Family
301
Total
2,574
Apartment Projects Under Construction
Name/Address
# of Units
2116 Chestnut
321
AAA Building - 2040 Market Street
275
The Residences at 260 - 260 S Broad Street
275
The Granary - 20th & Callowhill
256
1400 Spring Garden Phase 1
204
Goldtex - 315 N 12th Street
163
The Sansom - 1605-27 Sansom Street
104
Total Units in Smaller Projects
278
Source: Developments Database, CCD - 2012
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Residential
units. Only units with at least
three bedrooms saw an increase in
average rents since 2009. On the
other hand, another major owner of
several hundred rental apartment
units concentrated in the core of
downtown reports an approximate
5% increase over 2009 base rents
for all types of units, with continuing
increases expected in 2013. Location,
quality, and amenities are, of course,
important variables. Demand for
downtown living is continuing to rise,
and the units listed in the chart on
page 4 will not all be delivered within
the next year.
A Broad Range of Housing Choices
Of the total of 80,257 occupied
housing units in Greater Center City,
the 5-year Estimates from the ACS
for the period 2006-2010 indicate that
42.6% are owner-occupied, and 57.4%
are renter-occupied. Substantial
variation in housing tenure across all
downtown residential communities
exists, however, with the highest
rates of homeownership found in
the condominiums on the Delaware
Waterfront and in Society Hill. The
highest percentages of renters are
found in Callowhill/Poplar, Washington
Square West, and Logan Square.
Residential Developments Complete and In Progress
19123
19130
Size
5 - 25 Units
Greater than 25 Units
Schuylkill River
Less than 5 Units
19103
19102
19107
19106
Delaware River
Color
Units for Rent
Units for Sale
19146
19147
Housing construction in the core of Center City has shifted entirely to rental units. But new
construction and renovation for sale continue to create new opportunities for homeownership
and fill in vacant sites in the extended neighborhoods of Center City.
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
5
Residential
Who Lives in
Who Lives in Center City
Center City byby
Age
Population
Age
Greater Center City
4.8% 4 and Under
7.5% 5-17
13.3% 18-24
28.7% 25-34
Center City Philadelphia has a
much higher concentration of 25-34
year olds (28.7%) than the city as
a whole (16.1%) and more than
twice the national average of this
demographic group. While young
professionals are flocking to the
center of nearly all American cities,
Philadelphia’s downtown has taken
the next step and significantly
diversified in the last decade with
an almost equal number of 35-54
year olds (23.8%) and individuals 55
23.8% 35-54
Who Lives in
Philadelphia by Age
9.9% 55-64
12.0% 65 and Up
Source: 2010 Census, US Census Bureau
Philadelphia
6.6% 4 and Under
15.9% 5-17
13.3% 18-24
Philadelphia’s
downtown population
has significantly
diversified in the last
decade, appealing to
all age groups and
household types.
and over (21.9%). This has occurred
not only because younger residents
have remained downtown as they
have started to raise families but also
because households of all ages and
types have come to consider Center
City a regional neighborhood of choice.
Within neighborhoods and among
housing types, there is extraordinary
diversity. But the ACS estimates
that the average household size
across Greater Center City is 1.75 and
varies from 1.64 among renters to
1.90 persons per household among
homeowners. The largest owner
households are found in Callowhill/
Poplar, and the smallest owner
households are in Old City. The
largest renter households could be
found in Grays Ferry and the smallest
in Washington Square West.
The Appendix to this report, which
begins on page 9, provides more
detailed information about the
demographics of Center City’s
neighborhoods and household types.
16.1% 25-34
25.3% 35-54
Who Lives in
the US by Age
10.5% 55-64
12.1% 65 and Up
Source: 2010 Census, US Census Bureau
United States
6.5% 4 and Under
17.5% 5-17
9.9% 18-24
13.3% 25-34
27.9% 35-54
11.8% 55-64
13.0% 65 and Up
Source: 2010 Census, U.S. Census Bureau
6
The ability to walk to work is one of the primary attractions of downtown living. Center City also has the lowest
percentage of any neighborhood in the city of reverse commuters to the suburbs.
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Residential
Greater Center City Average Household Size
Greater Center City Average Household Size
2.81
Grays Ferry
2.01
2.06
Point Breeze
1.87
2.04
2.08
Passyunk Square
1.91
Pennsport
2.28
1.77
Callowhill/Poplar
2.42
1.75
Fairmount/
Spring Garden
1.98
1.71
Bella Vista
2.07
1.69
Queen Village
1.94
1.69
Graduate Hospital
2.05
1.68
Waterfront
1.84
1.63
Northern Liberties
2.03
1.61
1.54
1.49
Chinatown
Society Hill
1.74
1.36
1.45
1.34
Logan Square
Rittenhouse
1.72
1.33
1.41
1.32
Old City
Washington
Square West
1.62
0.0
0.5
Renter-Occupied
1.0
1.5
2.0
2.5
3.0
Owner-Occupied
Source: 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau
The Center City average of 1.75 persons per household is
significantly smaller than the national average of 2.58.
The average Core Center City household size in the 2000 census was 1.6 persons;
the average in the extended neighborhoods was 1.7. But as younger professionals
have remained in Center City as they begin to have children, and as empty nesters
and a broader range of age groups have been attracted to downtown living, both the
population and the household sizes have been increasing. The 2010 Census showed
Center City to be the fastest growing residential area in Philadelphia.
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
7
Residential
Newcomers and Old-timers
The narrative of downtown housing
in the U.S. from the 1950s through
the 1970s was largely the story of
those with means moving to the
suburbs. That pattern was true in
part for Philadelphia. But like New
York City and Boston, Philadelphia
also maintained a large number of
residents who had regional options
but chose to stay and live in the
center of the city. The narrative of the
last four decades has been the story
of many more households choosing
to remain or return to the city. Each
neighborhood in Greater Center City
thus has its own tales of newcomers
and old-timers, and, as the ACS data
suggest, different neighborhoods
have very different proportions of
each group.
More than half of homeowners in
Old City and Chinatown,7 and more
than one-third of homeowners on the
Waterfront and in Graduate Hospital
and Bella Vista, for example, moved
in after 2005. By contrast, more than
56% of the homeowners in Grays
Ferry, Point Breeze, Passyunk Square,
Pennsport, Callowhill/Poplar and
Fairmount/Spring Garden have lived in
their homes since at least 1999, with
the greatest concentration of “oldtimers” (residents since at least 1979)
found in Point Breeze (32.7%), Grays
Ferry (31.3%), Pennsport (30.7%), and
Passyunk (25.1%).
1
2
3
4
5
6
7
8
holding an advanced degree. The
highest concentrations of collegeeducated residents are in Rittenhouse
Square (82.5%), Society Hill (76.6%),
the Waterfront (75.4%), Washington
Square West (72.5%), and Old City
(72.4%). See the graph on page 13
in the Appendix.
Conclusion
Infill development in Extended Center City
neighborhoods is providing more options for
first-time homebuyers and continuing to increase
downtown’s population.
The map on page 12 in the Appendix
can be quite helpful to both City
Council and the Nutter Administration
as they consider how they might
“buffer” long-term residents from the
impact of the actual value real estate
reassessment initiative.
Education
In Center City neighborhoods, 42%
of residents work downtown and
11.2% work in University City;8 ACS
averages suggest that 52% of the
population over age 25 holds at least
a bachelor’s degree, with 27% also
The diversification of downtown landuse has provided variety, excitement,
and extraordinary stability for real
estate values during the recession.
With approximately 180,000 residents
now living between Girard Avenue and
Tasker Street, Philadelphia has the third
largest downtown population among
American cities, behind only New York
and Chicago. As energy costs remain
high, many more residents are seeking
the sustainable lifestyle provided by
downtown’s live-work setting. More
employers are attracted by the highlyeducated workers who have made
Center City their home. Market and
demographic forces are thus continuing
to favor downtown residential growth.
After almost a half-century of decline,
this is welcome news for Philadelphia,
which recorded positive, city-wide
population growth in the 2010 Census.
Long-term, sustainable success can
be fully assured when Philadelphia
creates a tax environment even more
conducive to business formation and
expansion and to robust job growth.
2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau
2010 Census, U.S. Census Bureau
CCD Property Database (derived from the Office of Property Assessment), 2012
CCD Property Database (derived from the Office of Property Assessment), 2012; City of Philadelphia Department of Records Database,
analysis of 2012 sales provided by Kevin Gillen, PhD – Fels Institute of Government, University of Pennsylvania
CCD calculation based on data provided by Kevin Gillen, PhD – Fels Institute of Government, University of Pennsylvania
2010 Census, U.S. Census Bureau
A major portion of the new homeowners in Chinatown are in the converted lofts and new construction on both sides of Arch Street.
OnTheMap – Local Employment Dynamics Partnership, U.S. Census Bureau
8
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Residential
Appendix: Age, Housing Tenure, Education, & Income
The charts and maps in this Appendix are drawn from the 2006-2010 American Community Survey
(ACS) 5-year estimates from the U.S. Census Bureau, except where noted otherwise. The ACS
estimates are derived from a detailed questionnaire administered to 3 million U.S. households
annually and provide much more detailed information than the Decennial Census, which is a
complete count of the U.S. population. ACS data has two limitations: first, the data are a backward
look that averages five years of information and may downplay certain trends in rapidly changing
neighborhoods. Second, as a survey, it is subject to sampling error. But because the ACS Estimates
provide much richer detail than the Decennial Census, they offer a more complete picture of what is
happening in the neighborhoods of Greater Center City.
Greater Center City Housing Unit Occupancy
Greater Center City
Housing Unit Occupancy
63.2%
Waterfront*
62.7%
Society Hill
46.1%
Queen Village
53.9%
Fairmount/Spring Garden
53.4%
46.6%
Graduate Hospital
53.2%
46.8%
Bella Vista
52.9%
47.1%
48.6%
51.4%
Northern Liberties
Point Breeze
49.1%
50.9%
Grays Ferry
48.8%
51.2%
58.5%
41.5%
Old City
61.8%
38.2%
Pennsport
67.7%
32.3%
Rittenhouse
70.0%
30.0%
Chinatown
73.0%
27.0%
Logan Square
24.8%
Washington Square West
Callowhill/Poplar
10%
Owner-Occupied
75.2%
79.4%
20.6%
0%
37.3%
43.6%
56.4%
Passyunk Square
36.8%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Renter-Occupied
* The ACS estimates the total number of occupied units along the Center City waterfront at 703,
a considerably smaller number than in all other Center City neighborhoods.
Source: 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
9
Residential
Owner Occupied Units by Householder Age
Owner-Occupied Units by Householder Age
Map
% of Population
by Neighborhood:
Pie
% of Units
by Household Age:
< 5%
24 & Younger
5%-10%
25-34
> 10%
35-54
GIRARD AVE
Fairmount /
Spring Garden
0.8%
Northern Liberties
Callowhill/Poplar
18.5%
24.1%
3.0%
18.4%
38.2%
55-64
16.3% 21.9%
65 & Older
29.4% 29.4%
12.5%
27.3%
16.5%
43.7%
Logan Square
13.2%
Old City
20.2%
46.8%
BROAD ST.
Chinatown
7.6%
1.8%
15.2%
36.5%
19.8%
17.4%
44.5%
22.5%
30.5%
23.9%
CHESTNUT ST.
Waterfront
Washington Square
West
Rittenhouse
1.4%
4.1%
14.9%
18.9%
31.5%
28.6%
Graduate Hospital
19.1%
19.9%
29.7%
35.6%
15.8%
17.6%
47.5%
19.1%
24.1%
Queen
Village
21.9%
17.9%
40.1%
36.9%
Grays Ferry
13.3%
Bella Vista
15.0%
1.0%
5.1%
10.6%
44.6%
23.5%
30.0%
Society Hill
18.1%
23.3%
15.2%
19.3%
42.2%
Passyunk Square
Point Breeze
Pennsport
11.8%
26.3%
16.2%
27.3%
22.7%
37.4% 19.2%
15.3%
37.2%
37.4%
19.3%
27.3%
32.6%
35.4%
28.3%
TASKER ST.
Source: Pie-charts - 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau; Map - 2010 Census, U.S. Census Bureau
These neighborhood boundaries were created by aggregating Census Tracts and Block Groups to
correspond as closely as possible to recognized neighborhood boundaries. However, because local
boundaries often go through the middle of Block Groups and data in these Block Groups cannot be
subdivided, in some cases, two adjacent neighborhoods were combined on the map. In other cases,
the boundaries shown on these maps vary by a few blocks from locally recognized borders.
The largest share of homeowners
(34.6%) in Greater Center City is
between the ages of 35 and 54;
the second largest group (25.9%)
is 65 or older. The largest share of
renters (40.9%) is in the 25-34 age
cohort, but the age profile of owners
10
and renters varies significantly among
Center City’s diverse neighborhoods.
A younger demographic makes up
a significant portion of homeowners
in Old City, Chinatown, Graduate
Hospital, Northern Liberties, Queen
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Village, Washington Square West, Bella
Vista, Fairmount/Spring Garden, and
Callowhill/Poplar. Older homeowners
(65 and up) were most concentrated in
Logan Square, Grays Ferry, Society Hill,
Point Breeze, Rittenhouse, Pennsport,
and Passyunk Square.
Residential
There is less variation between
neighborhoods in the age profiles of
renters. In both Old City and Northern
Liberties, 69.6% of all renters are
under age 34, with Rittenhouse Square
close behind with 65% of renters
under age 34. Renters ages 65 and up
were most concentrated in Callowhill/
Poplar. Logan Square, Pennsport,
Graduate Hospital, and Washington
Square West also had above average
65 and older renter populations.
Average Age Profile of Owners & Renters
in Greater Center City
24 & Younger
25-34
35-54
55-64
65 & Older
Owners
0.7%
18.0%
34.6%
20.8%
25.9%
Renters
12.5%
40.9%
26.2%
7.8%
12.5%
Source: 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau
Renter Occupied Units by Householder Age
Renter-Occupied Units by Householder Age
Map
% of Population
by Neighborhood:
< 5%
Pie
% of Units
by Household Age:
GIRARD AVE
Fairmount /
Spring Garden
8.3%
8.8%
24 & Younger
5-10%
25-34
> 10%
35-54
15.7%
39.5%
Northern Liberties
Callowhill/Poplar
2.9%
6.1%
7.3%
27.6%
15.3%
55-64
29.3%
18.8%
65 & Older
21.4%
54.3%
33.7%
10.9%
Logan Square
12.8%
Old City
38.6%
6.1%
17.2%
BROAD ST.
Chinatown
25.3%
7.5%
9.9%
3.9%
6.1%
11.4%
11.8%
20.3%
48.3% 22.5%
58.2%
Waterfront
CHESTNUT ST.
Washington Square
West
Rittenhouse
5.2%
13.5%
5.7%
15.9%14.1%
51.5%
44.3%
Graduate Hospital
12.1%
13.8%
15.0%
Grays Ferry
Bella Vista
10.0%
22.4%
50.0%
Pennsport
7.1%
7.4%
9.5%
26.0%
15.9%
44.8% 23.8%
38.1%
44.8%
47.8% 28.4%
Passyunk Square
13.9%
47.1%
9.3%
2.4%
12.1%
38.9% 29.0%
9.8%
10.2%
Queen
Village
12.0%
8.0%
Point Breeze
11.2%
14.5%
3.5%
42.6% 25.4%
17.5%
7.4%
39.8% 24.0%
6.8%
5.9%
11.5%
8.1%
24.1%
4.6%
Society Hill
4.5%
15.7%
33.5%
39.2%
TASKER ST.
Source: Pie-charts - 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau; Map - 2010 Census, U.S. Census Bureau
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
11
Residential
Owner Population Move-In Date
Owner Population Move-In Date
Map
% of Population
by Neighborhood:
Pie
% of Owners
by Move-in Date:
GIRARD AVE
Fairmount /
Spring Garden
< 5%
2005 or Later
5-10%
2000-2004
22.1%
> 10%
1990-1999
21.9%
15.5%
8.6%
14.1%
12.5%
19.2%
1980-1989
Northern Liberties
Callowhill/Poplar
8.7%
20.5%
17.3%
1970-1979
8.2%
14.8%
22.4%
26.0%
12.5%
13.6%
27.0%
1969 or Earlier
14.9%
Logan Square
2.9%
3.7%
31.7%
19.8%
Old City
Chinatown
BROAD ST.
24.6% 17.3%
4.7%
8.7%
1.3%
10.2%
1.8%
10.5%
52.0%
6.2%
53.8%
17.8%
12.2%
20.7%
Waterfront
CHESTNUT ST.
Washington Square
West
Rittenhouse
3.5%
4.2%
10.4%
25.5%
19.9%
5.3%
13.5%
28.6%
14.7%
Graduate Hospital
Bella Vista
7.7%
7.9%
6.9%
8.0%
4.8%
38.6%
30.2%
13.8%
Grays Ferry
26.4%
7.6%
22.6%
49.5% 37.7%
13.6%
10.7%
31.1%
Queen
Village
7.5%
5.5%
9.4%
22.6%28.5%
Passyunk Square
Point Breeze
6.0%
26.5%
20.9%
17.1%
17.6%
Society Hill
19.1%
21.2% 27.2%
26.0%
2.1%
Pennsport
14.6%
9.2%
14.3%
17.0%
14.3%
28.1% 17.0%
7.6%
16.1%
18.1%
17.2%
17.5%
10.5%
18.4%
15.5%
25.5%
27.1%
18.8% 14.8%
19.1%
12.0%
15.9%
19.3%
12.2%
TASKER ST.
Source: Pie-charts - 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau; Map - 2010 Census, U.S. Census Bureau
More than half of homeowners in Old City and Chinatown, and more than one-third of homeowners
on the Waterfront and in Graduate Hospital and Bella Vista moved in after 2005. By contrast,
more than 56% of the homeowners in Grays Ferry, Point Breeze, Passyunk, Pennsport, Callowhill/
Poplar, and Fairmount/Spring Garden have lived in their homes since at least 1999, with the greatest
concentration of “old-timers” (residents since at least 1979) found in Point Breeze (32.7%), Grays
Ferry (31.3%), Pennsport (30.7%), and Passyunk (25.1%).
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Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Residential
Educational Attainment by Neighborhood
Educational Attainment by Neighborhood
Society Hill
Rittenhouse
Washington
Square West
Logan Square
Old City
Queen Village
Waterfront
Bella Vista
Fairmount/
Spring Garden
Graduate Hospital
Northern Liberties
Chinatown
Passyunk Square
Pennsport
Callowhill/Poplar
Point Breeze
Grays Ferry
0.0%
10.0%
HS Graduate or Less
20.0%
30.0%
Bachelor's Degree
40.0%
50.%
60.0%
70.0%
80.0%
Advanced Degree
Source: 2006-2010 American Community Survey 5-year Estimates, Us Census Bureau
The differing education levels and
ages of residents are reflected in
the diversity of household incomes.
Almost a third of homeowners (29%)
made less than $35,000 per year
(in 2010 inflation-adjusted dollars),
while more than a third (34%)
made more than $100,000 per year,
including 19% of Greater Center
City households with income of
more than $150,000 annually. The
highest income homeowners are
concentrated along the Waterfront
and in Society Hill, Rittenhouse
Square, and Queen Village.
On average, renters made less than
homeowners. Almost half (45%) of
all Greater Center City homeowners
made more than $75,000 annually.
The greatest concentrations of
renters making less than $35,000
per year were in the extended
neighborhoods below Washington
Avenue and in the Callowhill/Poplar
communities.
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
13
Residential
Owner Household Income (2010 Inflation Dollars)
Owner Household Income (2010 Inflation Adjusted Dollars)
Map
% of Population
by Neighborhood:
Pie
% of Owners
by Household Income:
< 5%
$150K+
5%-10%
$100-$150K
> 10%
$75-$100K
GIRARD AVE
Fairmount /
Spring Garden
Northern Liberties
Callowhill/Poplar
20.6% 27.9%
6.3%
14.0%
$50-$75K
10.1%
15.5%
11.9%
21.0%
$35-$50K
19.7%
17.0% 21.5%
23.0%
13.2%
19.1%
Less than $35K
7.1%
17.8% 23.4%
10.9%
Logan Square
BROAD ST.
28.8%
17.2%
17.4%
11.3%
Old City
Chinatown
14.7%
6.2%
7.0%
11.6%
17.8%
10.5%
14.8%
25.2%
21.0%
17.4%
24.2%
Waterfront
13.2%
CHESTNUT ST.
Washington Square
West
Rittenhouse
14.5%
45.5%
16.8%
10.3%
19.1%
11.0%
7.5%
6.4%
24.2%
39.0%
30.5%
9.1%
Graduate Hospital
16.2%
11.2%
12.6%
Queen
Village
Bella Vista
17.7%
15.3%
Grays Ferry
14.5%
11.5%
0.8%
2.7%
15.9%
65.5%
5.9%
11.5%
3.2%
11.9%
57.2%
13.0%
16.5%
Passyunk Square
Point Breeze
4.2%
6.5%
37.4%
15.0%
13.1%
14.0%
13.0%
Pennsport
9.3%
41.6%
15.7%
19.2%
13.1%
14.4%
8.2%
11.6%
29.5%
25.5%
53.8% 20.3%
19.6%
12.2%
11.5%
14.3%
22.6%
6.3%
Society Hill
10.6%
7.9%
3.4%
4.2%
23.0%
18.6%
10.7%
35.6%
22.1%
9.9%
6.6%
TASKER ST.
Source: Pie-charts - 2006-2010 American Community Survey 5-year Estimates, U.S. Census Bureau; Map - 2010 Census, U.S. Census Bureau
In today’s economy there is a close correlation between educational and income levels. Those
neighborhoods housing residents with the highest levels of educational attainment correspond
to those areas with the highest incomes among homeowners, though age is a second important
variable. The highest income homeowners are concentrated along the Waterfront and in Society Hill,
Rittenhouse Square, and Queen Village. On average, renters made less than homeowners. Almost
half (45%) of all Greater Center City homeowners made more than $75,000 annually. The greatest
concentrations of renters making less than $35,000 per year were in the extended neighborhoods
below Washington Avenue and in the Callowhill/Poplar communities.
About This Report. This report was researched by Lauren Gilchrist, Center City District’s Manager of Research & Analysis, and designed by Abigail Saggi, with editing by Linda Harris, Director
of Communications & Publications. The data in this report are drawn from the U.S. Census Bureau’s 2010 Census, American Community Survey, and OnTheMap; Center City District’s
Property Database and Developments Database; and special tabulations of real estate sales data provided by Nigel Richards, Coldwell Banker Preferred, and Kevin Gillen, PhD, Fels Institute of
Government – University of Pennsylvania.
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Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org