Philadelphia’s Office Building Crisis: Over $1 Billion in Value Lost Amid Rising Vacancies and Economic Impact
Philadelphia's office buildings have lost over $1 billion in assessed value, with vacancies remaining high due to the rise of hybrid work, leading to significant losses in tax revenue from property taxes, wages, and food and beverage sales.
Homebuyer Income Soars: Philadelphia and Delco Lead the Nation in Affordability Struggles!
A Redfin analysis reveals that the income needed to buy a home in Philadelphia and Delaware Counties surged by nearly 6% over the past year, requiring potential buyers to earn $82,447 annually to afford a median-priced home costing $300,000, while the median home price in the region increased by about 9%.
1,000+ New Homes Proposed Near Sixers Arena Amid Affordability Challenges
Philadelphia is debating a new Sixers arena downtown, which could include over 1,000 homes. The original plan for a 395-unit tower is facing opposition, while an additional 720 homes are now proposed. Meanwhile, Redfin reports that the income needed to buy a home in the Philadelphia area has risen by 6%, impacting affordability for local buyers.
Liability Claims Surge Among Pennsylvania Property Owners
According to a study from BiggerPockets.com, Philadelphia has experienced a rise in liability claims, ranging from slip-and-fall accidents to dog bites and lease disputes.
The Rent Squeeze: How Rising Costs Are Impacting Households Everywhere!
A recent report reveals that in 21 states, a majority of tenant households now spend 30% or more of their income on rent and utilities, a significant increase from just seven states in 2019, with Florida, Nevada, and Arizona experiencing some of the highest rates of cost-burdened renters.