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In Philadelphia homeownership on the decline, renting is rising

The Pew Charitable Trusts researchers went back and analyzed U.S. Census Bureau data between 2000 and 2012 and found that homeownership declined faster in Philadelphia in that time span than in almost any other big city in America.

Philadelphia lands in the top 10 of Rent.com's best cities for singles. Credit: Getty Credit: Getty

Home ownership in Philadelphia is dropping, according to a Pew Report issued Wednesday.

The Pew Charitable Trusts researchers went back and analyzed U.S. Census Bureau data between 2000 and 2012 and found that homeownership declined faster in Philadelphia in that time span than in almost any other big city in America.

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In its report, "Homeownership in Philadelphia: On the Decline," Pew cites that 52.2 percent of Philadelphia's housing units were owner-occupied in 2012, which represents a decrease from 59.3 percent in 2000. Only Phoenix, Arizona experienced a larger decrease.

The decrease in homeownership is attributed to low incomes, escalating home prices, credit woes and the Millennials' decisions to delay marriage and have families.

And according to Pew's analysis, the number of rentals in the city grew by 36,885 from 2000 to 2012 ending with a total of 277,323.

“The shift from owning to renting, should it continue, has the potential to be a major change," said Larry Eichel, Pew research director. "Having fewer homeowners could alter the character of various sections of the city in any number of ways.”

The study also claimed that mostly married couples and families with children was the category that saw the greatest loss of housing.

From 2000 to 2012, the Lower Northeast housing market saw the sharpest decline, while Center City saw the highest incline, according to the study.

Follow Metro Philadelphia on Twitter: @metrophilly

 
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