Generational Housing Trends in Philadelphia

Posted by Gregory Damis - CNHS on Apr 26, 2023 in News
Generational Housing Trends in Philadelphia: Gen Z is moving in, more Millennials are owning, and older generations are moving out. As older generations move out of larger cities, Gen Z is flocking to them, and Philadelphia is no exception. According to the Philadelphia Inquirer the country’s five largest cities — New York City, Los Angeles, Chicago, Houston, and Philadelphia — all experienced net increases in the number of Gen Z residents (ages 18 to 24) and net decreases for all other generations between Jan. 1, 2021, and Dec. 31, 2021. In Philadelphia, census data estimates that 12,947 Gen Z movers settled in the city and 6,698 from older generations left, leaving a net migration of 6,249 new young Philadelphia residents. However, there's a lot we still don't know about Gen Z when it comes to the housing market since a large chunk of the generation is just starting out on their own. But, this generation, born between 1997 and 2012 has been raised on the internet and social media, is the youngest, most ethnically diverse, and is the largest generation in American history. Gen Z will soon become the largest cohort of American consumers, and they are moving to Philadelphia. Visit Philadelphia CEO Angela Val, attributes the increase in Gen Z residents to the city’s food and art scenes as well as city affordability. “It’s no surprise to us that Gen Z is choosing Philadelphia. With the increase of a remote or hybrid work schedule, Philadelphia is an ideal home base or work-from-anywhere destination for Gen-Z'ers looking for that ultimate urban live-work-play experience.” Last year, a report by CommercialCafe — a real-estate listing service — recognized Philadelphia as a Gen-Z friendly city based on quality-of-life factors such as Wi-Fi speeds, entertainment, public transit options, the ratio of parks per resident, and access to bars. But don’t forget about the millennials because they are having a big year too. 2022 was the first year that there were more millennial buyers than renters. And, in the Philadelphia Metro area, 56% of Millennials own their homes. Could new Gen Z residents help revive cities, including Philadelphia, from the population losses they’re enduring from the COVID-19 pandemic? According to a 2022 Bankrate survey, close to 60% of Gen Z respondents associated owning a home with achieving the American dream. A good sign, but only time will tell since the youngest of the Gen-Z population aren’t even teenagers yet. Facebook Email Read Full Article Here