The 2024 State of Center City Philadelphia is out, and the housing report is positive. Let’s look at some of the facts….
- Greater Center City, which includes Girard Avenue to Tasker Street, river to river, with over 200,000 residents, has been the City’s fastest growing residential area for the last 20 years. Since 2011 the population has increased by 26%. This increase has stimulated the demand for renovated and /or new housing.
- The housing supply has grown by 24% since 2011. Most recently, the ending of the full tax abatement spurred 7,429 units added since 2021with another 7,181 more planned…and almost 1,000 completed new units in 2023.
- Despite being less than 6% of the City’s land area, Greater Center City supplied more than 37% of the City’s total supply of new housing units in 2023.
- Placer.ai reports that over 11,000 people migrated to Center City from 2021-2023.
- Bottom line – since 2020 more people have moved into Greater Center City than moved out!
