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Sounds like a recipe for a good year in the real estate market to me! I'm hoping for healthy growth in sales and prices. If you work remotely and you're looking for a big city/metro with access to true urban amenities and built environment(s), why wouldn't Philadelphia be top of list? It's more affordable than any of its East Coast big metro counterparts, and bigger / more urban than pretty much anything of its price range besides maybe Chicago -- which I think is still more expensive than Philadelphia, at least in the housing sector.
Agree 100%. It's really a convergence of a ton of socioeconomic and cultural factors, but Philadelphia is now on more folks' radar nationally (and likely, internationally) than has been the case for decades.
It's honestly been a long time coming as even most sizable Sun Belt metros are now pretty much on par with Philadelphia for cost-of-living, even surpassing it. That never would have crossed anyone's mind even 20 years ago.
Even though the 2020s are shaping up to have more subdued global economic growth than the 2010s, all the signs are pointing to the Philly area now overperforming, no longer underperforming, the national economy. The federal job growth numbers continue to show Philly's job growth surpassing pretty much every other large metro area across the US, with the exception of some of the Texas metros--again, another scenario that would have never occurred 20 years ago.
So we're talking about a region that's one of the last livable large metro areas in the US on a middle-class budget and has far more economic vitality than a generation ago. And arguably in one of the best locations, if not the best location in the US, for balanced weather, a balanced political environment, a plethora of weekend destinations, and highly on-trend to provide top urbanism/walkability.
Literally all the stars have aligned for the Philly area. The city just has to take full advantage of it.
Agree 100%. It's really a convergence of a ton of socioeconomic and cultural factors, but Philadelphia is now on more folks' radar nationally (and likely, internationally) than has been the case for decades.
It's honestly been a long time coming as even most sizable Sun Belt metros are now pretty much on par with Philadelphia for cost-of-living, even surpassing it. That never would have crossed anyone's mind even 20 years ago.
Even though the 2020s are shaping up to have more subdued global economic growth than the 2010s, all the signs are pointing to the Philly area now overperforming, no longer underperforming, the national economy. The federal job growth numbers continue to show Philly's job growth surpassing pretty much every other large metro area across the US, with the exception of some of the Texas metros--again, another scenario that would have never occurred 20 years ago.
So we're talking about a region that's one of the last livable large metro areas in the US on a middle-class budget and has far more economic vitality than a generation ago. And arguably in one of the best locations, if not the best location in the US, for balanced weather, a balanced political environment, a plethora of weekend destinations, and highly on-trend to provide top urbanism/walkability.
Literally all the stars have aligned for the Philly area. The city just has to take full advantage of it.
Can't +1 you in the BBS, so I will +1,000 you here.
Have you all heard the recent speculation about metro Philadelphia's 2024 housing market performance? With interest rates expected to decline, it will be interesting to see what happens.
"The Philadelphia region is one of the country’s top 10 markets with the highest potential for strong growth in home sales next year because of pent-up demand and supply, according to the National Association of Realtors.
After two years of “subdued activity,” the association expects the national housing market to do better in 2024. In the trade group’s analysis of the 100 largest metropolitan areas, the Philadelphia metro came in at No. 8 and the Harrisburg metro ranked No. 5 for markets that should see more activity next year and outperform other metros.
...
Compared to the country as a whole, the Philadelphia area had a similar or higher:
-share of buyers who would return to the market if mortgage rates drop to 6.5%
-share of renters who can afford the median-priced home (which was $368,500 in the Philadelphia area this summer)
-growth in home prices between summer 2022 and summer 2023
-share of owners who have been in their homes for longer than the average time period
-share of affordable listings that first-time buyers can afford
-drop in the share of workers working from home from 2021 to 2022
-job growth
-share of high-income millennial renters moving in from out of state"
Sounds like a recipe for a good year in the real estate market to me! I'm hoping for healthy growth in sales and prices. If you work remotely and you're looking for a big city/metro with access to true urban amenities and built environment(s), why wouldn't Philadelphia be top of list? It's more affordable than any of its East Coast big metro counterparts, and bigger / more urban than pretty much anything of its price range besides maybe Chicago -- which I think is still more expensive than Philadelphia, at least in the housing sector.
It will also be interesting to see how (former) Governor's Wolf's corporate tax cuts benefit Philadelphia-based job growth (and hence housing market) for the rest of the decade.
Why do you people want MY city to be similar to San Francisco?
Do you not care about the people who are already having a difficult time getting by?
Now Hermit, you know this is as much my city as it is yours. You and I collectively only make up ~1/750,000th of the city. Be nice.
You also know perfectly well that I never indicated I want Philly to become like San Fransisco. I find that scenario highly unlikely. We have so many neighborhoods that could use redevelopment that worries about 'becoming like San Francisco' is laughable.
I want Philadelphia to grow and prosper at a healthy rate -- not a rate like Seattle in which it became too expensive quickly. I want good jobs to come to our city, higher wages to flourish, and for our tax base to increase so that our city services improve.
Your last question is quite preposterous, Hermit. You sound like one of those angry NIMBYs, which is surprising because the last time I teased you about yuppifying Port Richmond you liked it.
Agree 100%. It's really a convergence of a ton of socioeconomic and cultural factors, but Philadelphia is now on more folks' radar nationally (and likely, internationally) than has been the case for decades.
It's honestly been a long time coming as even most sizable Sun Belt metros are now pretty much on par with Philadelphia for cost-of-living, even surpassing it. That never would have crossed anyone's mind even 20 years ago.
Even though the 2020s are shaping up to have more subdued global economic growth than the 2010s, all the signs are pointing to the Philly area now overperforming, no longer underperforming, the national economy. The federal job growth numbers continue to show Philly's job growth surpassing pretty much every other large metro area across the US, with the exception of some of the Texas metros--again, another scenario that would have never occurred 20 years ago.
So we're talking about a region that's one of the last livable large metro areas in the US on a middle-class budget and has far more economic vitality than a generation ago. And arguably in one of the best locations, if not the best location in the US, for balanced weather, a balanced political environment, a plethora of weekend destinations, and highly on-trend to provide top urbanism/walkability.
Literally all the stars have aligned for the Philly area. The city just has to take full advantage of it.
Well when you put it that way...
I think you make some great points. And I agree about just how well positioned we are as a city. Really, our city government just needs to get out of its own way and let the city flourish. If we could work on lowering the wage tax and getting aggressive about pursuing violent criminals, that'd be two great starting points.
Now Hermit, you know this is as much my city as it is yours. You and I collectively only make up ~1/750,000th of the city. Be nice.
You also know perfectly well that I never indicated I want Philly to become like San Fransisco. I find that scenario highly unlikely. We have so many neighborhoods that could use redevelopment that worries about 'becoming like San Francisco' is laughable.
I want Philadelphia to grow and prosper at a healthy rate -- not a rate like Seattle in which it became too expensive quickly. I want good jobs to come to our city, higher wages to flourish, and for our tax base to increase so that our city services improve.
Your last question is quite preposterous, Hermit. You sound like one of those angry NIMBYs, which is surprising because the last time I teased you about yuppifying Port Richmond you liked it.
So you're involved in real estate, got it. Get all those profits before you flee to the suburb/state you really want to be in.
I don't trust or believe anything you and the other 'rah-rah' posters say here. I know what youse want - an ultra-expensive Center City, ****** playground with some bums lying about, litter and light graffiti, so youse can pretend to be 'keeping it real/gritty.' Meanwhile youse can slobber all over each other without blue-collar or ghetto-types getting in your way.
So you're involved in real estate, got it. Get all those profits before you flee to the suburb/state you really want to be in.
I don't trust or believe anything you and the other 'rah-rah' posters say here. I know what youse want - an ultra-expensive Center City, ****** playground with some bums lying about, litter and light graffiti, so youse can pretend to be 'keeping it real/gritty.' Meanwhile youse can slobber all over each other without blue-collar or ghetto-types getting in your way.
But you sure do post pretty.
I'm sorry you feel so negatively, Hermit. A healthy diet and consistent exercise do me wonders.
So you're involved in real estate, got it. Get all those profits before you flee to the suburb/state you really want to be in.
I don't trust or believe anything you and the other 'rah-rah' posters say here. I know what youse want - an ultra-expensive Center City, ****** playground with some bums lying about, litter and light graffiti, so youse can pretend to be 'keeping it real/gritty.' Meanwhile youse can slobber all over each other without blue-collar or ghetto-types getting in your way.
But you sure do post pretty.
There's a flag on the play. Unwarranted stereotyping. Ten-yard penalty and loss of down.
I'm probably one of those "rah-rah" types, and what you describe above is pretty close to 180 degrees opposite the Philadelphia I would like to see in the future. Sure, I won't mind leaving the graffiti on Graffiti Pier once it becomes a park, but at the same time, I will happily wave goodbye to "Boner 4Ever" on the sides of the Beury Building (actually, coming from the north, it's "Forever Boner"). I can't wait for that hotel planned for the building to be completed.
And I definitely don't want to see trash and litter swirling in the streets.
I've lived among ghetto types, and frankly, some of them are salt of the earth while others are real scumbags. But doesn't that apply to just about every strata of society? (Well, you probably don't find much "salt of the earth" in the upper income brackets, but many of those who remember when they didn't have a ton of money may still qualify).
I've written about the "middle neighborhoods" whose survival is just as important to this city's future —*in fact, the middle neighborhood I wrote about is the one where our new mayor lives (and she took me around it when I was working on the story). This is the only one of the Big Five cities of the Northeast Corridor where it's still possible for just about anyone to afford a home or apartment, and I certainly don't want that to change. If that's the price a city pays for "superstar" status, then maybe it's best that Philly continue to fly under the radar. But I think a bunch of us are betting that we can rewrite the script so that's not the case.
I will happily wave goodbye to "Boner 4Ever" on the sides of the Beury Building (actually, coming from the north, it's "Forever Boner"). I can't wait for that hotel planned for the building to be completed.
Broad and Erie... painful still. I just wish there was some way to get Popeyes or something to fill the old Church's Chicken space. It's incredibly unfortunate how long that space has been abandoned now
Broad and Erie... painful still. I just wish there was some way to get Popeyes or something to fill the old Church's Chicken space. It's incredibly unfortunate how long that space has been abandoned now
I pass through that intersection quite often, for it's where I transfer between the buses that serve my part of Germantown and the Broad Street Line.
I feel your pain. it's depressing to look at the former Church's with all the signage still on it.
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