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The trend includes transplants from other parts of Pennsylvania but also reflects many people moving from other city neighborhoods or surrounding suburbs. The report found that more New Yorkers relocated to Philadelphia between 2020 and 2023 than in previous years. A notable number of people also moved from Florida, Delaware and Virginia.
And they appear to be staying. Since 2020, more people have moved into the greater Center City area than have moved out, said Lauren Smith, manager of economic development and the report’s author. She said it’s unclear why so many New Yorkers have recently moved to Philly, but she has a hunch.
“Philadelphia in comparison is a lot more affordable, especially when people have a choice to figure out where they want to live in response to remote work,” Smith said. “I think Philadelphia is an attractive place for that, especially because you still have all of the amenities of being a walkable city and also having access to really affordable housing as well.”
As of November 2023, the average rent in greater Center City was $1,996, which sits above the citywide figure. By comparison, the median monthly rent in Manhattan was more than double the average for greater Center City, according to Inhabit.
The report touches on the issue of affordability, highlighting that nearly half of Philadelphia renters in the city are cost-burdened, meaning more than 30% of their income goes towards paying rent.
“With well-designed public incentives, Philadelphia has the opportunity to add more affordable opportunities within mixed-income developments in Greater Center City, so residents and workers at all education levels can enjoy the amenities and ease of access to 41% of the jobs in Philadelphia,” the report said.
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