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University City population aging slightly, media home sale price tops 400K

December 6, 2018

Rent prices in the University City District leveled off, the number of home sales dropped by a third last year and the population got a little older, according to the annual “State of University City” report released yesterday.

The report covers everything from real estate development to population demographics to tree coverage in the area managed by the University City District (UCD). UCD roughly defines “University City” as the area bounded by the Schuylkill River to the east, 50th Street to the west, Market Street/Powelton Avenue/Spring Garden Street to the north and Woodland Avenue/University Avenue to the south.

Here’s what the report, which covers trends through 2017, shows in key areas: 

Housing

The total number of new multi-family housing units in the area continued to rise last year to about 4,000 and has roughly doubled since 2014. The average rent across all of the neighborhoods in the UCD stands at about $1,500 per month. The total number of home sales dropped by about one third to 100 last year and the median home sale price rose slightly last year to just over $400,000. The number of days a home is on the market continued to fall and is now less than two weeks.

Employment

“Eds and meds” continue to dominate the employment landscape in the area. About 55 percent of the jobs come from “education and healthcare,” about double the number of combined jobs from “entertainment, hospitality and retail” and “office” combined. The total number of jobs continued to climb last year and is close to 80,000, about 11 percent of all jobs in the city.

Population

The area’s population stands at just over 54,000, a roughly 10 percent increase since 2010. There was a 5 percent drop in the number of residents ages 15-19 and 3 percent drop in folks ages 25-29. But the number of older folks increased, with people over 40 making up a larger portion of the population compared to 2016. Thanks to the proximity of the universities, people ages 20 to 24 are still the largest segment of the population at over 25 percent. The report did not provide a breakdown based on race or ethnic background of residents.

Transportation

Residents within the UCD boundaries continue to walk, bike or use public transportation to get to work at a far higher rate than residents in other parts of the city. According to the report, some 30 percent of residents walked to work, compared to a citywide average of 8 percent.

You can pick up a physical copy at UCD office at 3940 Chestnut Street. To download the report, click here.

1 Comments For This Post

  1. RC Says:

    “The report did not provide a breakdown based on race or ethnic background of residents.”

    LOL.








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