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Actually, Philadelphia has a lower cost of living because of the lack of demand. Cost of living is defined by the consumer. Demand is what drives it. New York, Washington D.C., Boston, and San Francisco are expensive metro area's for a reason. These cities also happen to have the most educated population in the nation. There is a distinct correlation. Most developments in D.C. choose to include 20% in low income housing. If you haven't noticed, this ground breaking policy has not even put a dent in stopping multi-family housing in D.C. It has actually just preceded the biggest building boom in D.C. since the 1940's. Developers are flocking to D.C. from all over the world to build new housing here and 2013 is going to be even bigger year which is just mind boggling. This law has not stopped any developers from wanting to spend money in D.C.
Of course demand plays a huge role. I never asserted anything to the contrary. Although it certainly is not near DC levels, demand in Philly is picking up pretty considerably. Not to mention, this just further underscores my point for why Philadelphia doesn't have the same impetus for affordable housing that DC does.
Quote:
Originally Posted by MDAllstar
Philadelphia reminds me of an urban Atlanta in that the city is overbuilt from a population vs. housing inventory. The one thing that is common between D.C., NYC, Boston, and San Francisco is that there is a lack of land which is why these cities have to build up. It makes land more valuable. A good comparison would be to measure the vacant housing data for Philadelphia versus D.C.
Philadelphia may seem overbuilt now, but you do realize that wasn't always the case, right? When you lose a quarter of your population in 50 years, it's bound to create some excess housing/underutilized space -- especially in formerly industrial areas. Now that Philadelphia is on a path of (slow) growth, this excess housing and space is being re-utilized, in some areas pretty quickly. It definitely will not go wasted.
It's called affordable housing and D.C. takes care of their own unlike most other cities. We have a huge minority population that should be able to afford housing in the city and we make sure they can.
I recently sold my row house on T street and the biggest obsticle I faced in selling was the amount of "affordable" housing in the area. This is a terrible law in my opinion, why should I be punished because somebody wants to live in a thriving neighborhood?
Actually, Philadelphia has a lower cost of living because of the lack of demand. Cost of living is defined by the consumer. Demand is what drives it. New York, Washington D.C., Boston, and San Francisco are expensive metro area's for a reason. These cities also happen to have the most educated population in the nation. There is a distinct correlation. Most developments in D.C. choose to include 20% in low income housing. If you haven't noticed, this ground breaking policy has not even put a dent in stopping multi-family housing in D.C. It has actually just preceded the biggest building boom in D.C. since the 1940's. Developers are flocking to D.C. from all over the world to build new housing here and 2013 is going to be even bigger year which is just mind boggling. This law has not stopped any developers from wanting to spend money in D.C.
Philadelphia reminds me of an urban Atlanta in that the city is overbuilt from a population vs. housing inventory. The one thing that is common between D.C., NYC, Boston, and San Francisco is that there is a lack of land which is why these cities have to build up. It makes land more valuable. A good comparison would be to measure the vacant housing data for Philadelphia versus D.C.
How is DC land restricted? The COL in DT Philly is higher than anything in DC, DT Philly is also more educated than DC. DT Philly is also growing faster than DC. etc. etc. etc. where are you getting your info, the housing surplus is only in slums.
One day all places can become an Allstar panacea. There is obviously nothing of value anyplace but DC and nothing of non value in DC. It is mind boggling...
How is DC land restricted? The COL in DT Philly is higher than anything in DC, DT Philly is also more educated than DC. DT Philly is also growing faster than DC. etc. etc. etc. where are you getting your info, the housing surplus is only in slums.
What? The COL in DT Philly is higher than anything in DC? Philly is a bargain compared to DC and that's not a slight. DC has a much higher income and a more educated population.
One day all places can become an Allstar panacea. There is obviously nothing of value anyplace but DC and nothing of non value in DC. It is mind boggling...
No it's not! Most people can't handle facts on this board. DC is a monster in a lot of categories. Live with it.
What? The COL in DT Philly is higher than anything in DC? Philly is a bargain compared to DC and that's not a slight. DC has a much higher income and a more educated population.
Philly is more educated in the DT (Significantly moreso than DC actually a very wide magin), that is a fact, the city as a whole is less so. The Philly DT has the highest percentage of residents with post graduate degrees in the country, third among percentage with college degrees (NYC and Boston are 1 and 2)
Many parts of Philly are affordable, Center City is not a bargain by any means. Though there are areas of DC that are comparably priced though but in terms of prcies the DTs are pretty similar; actualy rates may be a tad higher in DT Philly versus DT DC; on the average for the cities DC is more expensive.
Isnt this about DTs? If so yes Philly is probably a tad higher on average than DT DC in terms of real estate (imagine that; maybe it is the demand)
Philly is more educated in the DT (Significantly moreso than DC actually a very wide magin), that is a fact, the city as a whole is less so. The Philly DT has the highest percentage of residents with post graduate degrees in the country, third among percentage with college degrees (NYC and Boston are 1 and 2)
Many parts of Philly are affordable, Center City is not a bargain by any means. Though there are areas of DC that are comparably priced though but in terms of prcies the DTs are pretty similar; actualy rates may be a tad higher in DT Philly versus DT DC; on the average for the cities DC is more expensive.
Isnt this about DTs? If so yes Philly is probably a tad higher on average than DT DC in terms of real estate (imagine that; maybe it is the demand)
From commercial real estate to condo's DT DC is more expensive than Philly. Show me a link that says otherwise. And koolaid said that the COL of living in DT Philly is more expensive than anything in DC (NOT JUST DT). Really? Philly is a bargain compared to DC.
From commercial real estate to condo's DT DC is more expensive than Philly. Show me a link that says otherwise. And koolaid said that the COL of living in DT Philly is more expensive than anything in DC (NOT JUST DT). Really? Philly is a bargain compared to DC.
Commercial is, residential is not
Condos in DT are going in the 10-15 million range
Plus others less expensive. Also I believe comparable rents are more expensive in CC compared to DT DC. I know you will find it hard to believe; Philly has bargains and also very expensive areas; CC is one there are also many areas in the metro just as expensive; on average though real estate is less expensive in the Philly metro but in the most desirable areas they are quite comparable actually
on the anywhere in DC I would agree; philly as a city has some very inexpensive housing and very expensive and much in the middle overall
Actually, Philadelphia has a lower cost of living because of the lack of demand. Cost of living is defined by the consumer. Demand is what drives it. New York, Washington D.C., Boston, and San Francisco are expensive metro area's for a reason.
I get kick out out of this dude, has a little Montclair in him. Probably living in mom's basement trumpeting the virtues of a higher cost of living. When did a " Higher Cost of Living" become a Good thing ?
The reason SF,NY,Bostons cost of living is higher than Philly is due to the fact that they are coastal cities, 50% of their available real estate is underwater. SF accentuated even further due to its uninhabitable lunar landscape to its west. DC's cost of living is an anomally due to the feds handing out billion dollar contracts in its region.
I'll never understand the badge of honor that goes along with paying $800K in city X for the same house that can be bought in city Y for $400K, especially when the amenities in city Y are equal to or surpass city X .
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