Could North Philly be the next up-and-coming neighborhood?
3/28/2015 | Real Estate Blog
North Philly could become the next Philadelphia neighborhood to see a significant real estate boom. An area associated with rundown warehouses, vacant lots, widespread graffiti and high crime rates, the neighborhood is long overdue for a facelift.
In many ways, it’s an unlikely area for new housing developments. The neighborhood has historically been flush with rundown rental properties and a high population of transient residents.
Nonetheless, several prominent developers and entrepreneurs have identified it as an area ripe for revitalization. According to a recent article on philly.com, a new brewing company in North Philly – with a brewpub in the works – may be the first of many commercial and residential developments to come.
Despite its drawbacks, North Philly has many positive features: low land prices, growing amenities, close proximity to the trendy Center City and Fishtown neighborhoods, and easy access to the Market-Frankford Line. Similar neighborhoods around the inner metro have seen recent growth, including Breeze Point and Kensington.
Additionally, a number of changes in recent years have made North Philly more attractive to developers. Census data shows a steady upswing in the median income and education level of residents. Poverty levels in the area are also gradually dropping.
Housing developers see these shifts as an opportunity to target young professionals, many of whom are looking for affordable housing in a vibrant, up-and-coming area. With Temple University close by, the neighborhood is already familiar stomping grounds for many recent grads. North Philly may become the latest testing grounds for meeting the demands of this younger – and perhaps more adventuresome – market.
Source: Philly.com, “No man’s land to oasis: Betting on Philly’s next housing boom,” Morgan Zalot, March 26, 2015.