RE/MAX Affiliates - Doing Things the Center City Way
Laid out by William Penn in the late 1600s, the City of Philadelphia has always been the hub of commerce for the region. The city, which lies between South and Vine Streets, and the Delaware and Schuylkill Rivers, is the sixth largest city in the United States according to 2016 census, with a population of over 1.6 billion people.
Penn’s grid for the city’s development promotes walkability and reinforces density with 60 residents living per acre downtown. While 87% of suburban residents commute to downtown, 40% of Center City residents live near the workplace and walk to work. Plus with three independent schools, and the public and parochial school systems, 81% of students live in the downtown area and most walk to school.
Center City Philadelphia has always been a popular area for tourism and specialty retail, but in the last five years there has been an influx of people who enjoy the diverse, walkable, live-work places. The downtown area has become one of the fastest growing residential sections of Philadelphia with an estimated 188,000 residents in 2016. Since 2012 residents moving to the city have moved downtown with the largest demographic group being 20 to 34-year olds. Millennials now constitute 40% of the downtown population. Closely following this group are empty-nesters and a growing number of families with children. In fact, the surge in the city’s apartment construction reinforces this recent growth. In addition, condominiums and single-family homes have been added to the downtown area in the last year.
The city's diverse commerce and cultural arenas also attract many to the downtown area with its retail, dining, cultural, and entertainment offerings, all within walking distance.