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Philadelphia regional household income growing steadily despite tepid overall population gains

  • ​It is no surprise to anyone living and working here that the Philadelphia region has experienced tremendous growth over the past four years. While hot neighborhoods and office submarkets in the city and well-located suburbs have experienced double digit sales price and rental rate gains, this apparent boom looks somewhat different from a regional perspective. Some may be surprised to know that the regional population has grown less than 0.3 percent in each of the past four years. Equally surprising may be the fact that mean incomes have grown significantly faster, up 8.1 percent since 2013, equivalent to an average annual growth rate of approximately 2.7 percent.
  • Multifamily developers and single family home sellers have reacted to increasing incomes in the region by delivering more high-quality apartments, and selling homes for record values, particularly in core communities and transit-oriented submarkets.
  • Whether employers chase talent (as we’ve seen in Center City), or talent follows jobs (as we’ve seen in suburban areas such as King of Prussia), developers and investors must continue to focus on key submarkets that have remaining runway for growth.​

Source: JLL Research, U.S. Census Bureau​

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