Sustaining Demand for Downtown Housing
This latest yearly survey of housing production in Center City offers analyses of both demographic and economic trends that are shaping present and future demand for downtown living.
Center City has the region's highest concentration of talented workers, who want to work, live and play in a vibrant urban setting.
Over the past 25 years, Center City has been transformed from a 9-to-5 office district into a dynamic, mixed-use setting for business, innovation, education, cultural and civic activity, as well as one of the fastest growing residential locations in the region. Center City has the second largest downtown residential population in the country, behind only Manhattan. Almost 60% of downtown residents have a bachelor's degree (BA) or higher, rising to more than three quarters in the core. Center City has a highly educated and skilled working population for management consulting, financial, legal, real estate, engineering, medical, creative and technology firms.
The downtown’s vibrant live-work dynamic makes it a magnet for young workers seeking an affordable, urban lifestyle. Since 2006, Philadelphia’s share of millennials has increased the fastest among the 10 largest U.S. cities. Forty percent of Center City’s population is between the ages of 20 and 34. With young, educated workers reluctant to commute to the suburbs, employers from around the region are opening offices in Center City to recruit from this talent pool.