Whether you’re thinking about moving to Philadelphia or you already live here but you want to make a change, the following neighborhoods are growing incredibly quickly – and in all the best ways, too. With continued improvements projected over the next several years, these areas are among those you should consider for your next home.
Since the neighborhood was established, Kensington has had a mainly industrial feel about it. Today, you can see it everywhere you look; there are abandoned warehouses and vacant lots that could serve as residential housing very soon. In fact, over the last few months, developers have been busy buying up this land. There are more retail stores and restaurants here than ever before, and American Street is slated to become one of the most popular co-working spaces in the area.
Thanks to the expansion of the University of Pennsylvania into the area, it comes as no real surprise that the community here is growing exponentially. In fact, if you’ve ever thought of “flipping homes” for profit, this is one of the best places in the country for doing it. University employees have access to a mortgage assistance program that is focused on this area, and with property prices as low as $130 a square foot, it’s certainly hard to turn down. City officials expect Grays Ferry to grow more quickly in 2017 than most other areas in the city.
North Broad is home to Philadelphia’s City Hall, and it’s right past this area that two apartment buildings are being considered. This can certainly turn the tides for the Hanover area, and with plenty of historic properties being restored (along with the $40 million Divine Lorraine restoration), this area is sure to attract people from around the state, if not from around the country. Though it’s expected to draw primarily renters at first, its continued growth is likely to spill over into the housing market within a few short years.
The number of empty, overgrown lots in South Broad may look a little sad now, but developers have started buying them up with plans of transforming them into some of the city’s most prominent locations. For example, hotels are going up left and right in the area, and mixed-use developments are coming, too. People in this area will likely see a solid mix of commercial growth, apartment buildings, and new homes in the next three to five years.
As you head east of Market Street, you’re likely to see scaffolding and development crews just about everywhere you look. Two apartment towers are in the works, and the city is bringing Philly’s first Mom’s Organic Market to this area. it’ll also be home to the Fashion Outlets of Philadelphia, a $575 million project spread across three city blocks. Where there is shopping, residents are sure to follow.
Although these five neighborhoods may look a bit empty now, they’ll each offer something new and unique to the city and culture of Philadelphia as a whole. If you’re interested in buying or building a home in the city, any of these five locations will boost your investment value.