Lured by jobs, city amenities and the ability to get around without a car, more people are living in Center City, resulting in the rebound of a housing market severely damaged in the 2008-09 recession, according to a report released Tuesday by the Center City District and Central Philadelphia Development Corp.
The population of “greater” Center City – 180,000 residents, living from river to river and from Tasker Street to Girard Avenue – soared 10.2 percent from 2000 to 2010, so that Philadelphia now has the third-largest downtown population among American cities (behind New York and Chicago), the report notes.
That trend boosted both the volume and price of residential sales and rentals, and spurred more construction and renovation, the report shows.
Paul Levy, the Center City District’s president and CEO, attributed the population growth to empty nesters returning to the city, more families deciding to raise their children here and more adults in their 20s, 30s and 40s settling here.
Multi-family housing is very popular right now. Smaller core cities who want to be competitive for residents need to let developers build that kind of housing when they want to.