by Jay Goldstein

The Center City District ‘s 2023 report on housing trends declares that “Downtown Rebounds.” Let’s look at some of the facts supporting this report.

  • During the last two decades the population of Greater Center City (from Girard Avenue to Tasker Street and river to river) increased by 39%.
  • Since 1997 Philadelphia has been a national leader in converting more than 40 major downtown buildings to housing and hotels creating the third largest downtown residential population in the country. Forty eight percent of all new housing in 2022 was located in Center City and another 27% in the adjacent neighborhoods primarily West and South Philadelphia.
  • The inter-relationship between population growth and increase in housing options has created the need to expand more into emerging neighborhoods generating more vibrant commercial corridors with restaurants, retail stores etc.
  • A variety of housing types such as row homes, multi family, rentals, owner occupied along with a diverse mix of neighborhoods provides a wide and attractive range of opportunities for residents of all economic backgrounds.
  • As discussed in previous e-newsletters, Philadelphia has benefitted greatly as a City where an overwhelming number of residents live in the City where they work.

The news coming out of Philadelphia’s housing market is positive with its steady growth in population and with its increase in housing options. We are proud to support our borrowers who invest in Philadelphia, thus contributing to the overall health of the economy and providing housing opportunities for the City’s residents. Faster than a bank and less expensive than hard money lenders, we are in the business to lend and have provided over $800 million in loans to build or renovate more than $1.4 billion in investment real estate in the last 6 years.