Who’s Moving to Philadelphia? Latest Statistics

large property developments in philly

Every year, the population and demographics of major cities across the country change as people come and go. During the height of the pandemic, we saw this process rapidly accelerate in ways that hadn’t happened in a long time.

Knowing who’s moving to Philadelphia and what’s happening with the population is helpful when deciding whether to invest in the area. It’s also helpful when deciding if now is the right time to sell your property or if you should wait.

Keep reading to see the latest statistics of who’s moving to Philadelphia and who’s moving out.

Who’s Moving to Philadelphia?

sell my house in philly

Even though the overall population has declined in recent times, people are still moving to Philadelphia. In fact, the population in Philadelphia has increased by 0.2% year on year, standing at 1,581,531 in 2022.

Most Movers Move From the Same County or State

The most significant proportion of people moving to Philadelphia are those moving to another home within the county (9.07%). Another good portion comes from those moving within the state (1.77%). Around 2.55% of people are moving from out of state, and 0.81% are moving from abroad.

The Majority of Homeowners are Staying Put

A large majority of the population are staying put in Philadelphia. Nearly 86% of people live in the same house as last year. Some may have bought the property recently and plan on improving it to be a forever home.

After all, making improvements after moving in is possible, and buyers in today’s market know that. With the median year of houses built in Philadelphia standing at 1948, it’s not unusual to find this mentality in the city. 

Buyers are Taking Advantage of the Market

The population of Philadelphia decreased in 2021, with a census report claiming Philly lost nearly 25,000 residents. With these changes, buyers interested in relocating to the city or buying property for the first time had a good opportunity to find a home. Many hopeful homeowners moved in specifically to take advantage of openings as others leave the region.

Who’s Moving Out of Philadelphia?

high rise buildings in philly

Even though the population is now on the increase again, the population decrease in Philadelphia in 2021 was the first in more than a decade. So, who is leaving Philadelphia, and why are they leaving?

Moving Closer to Family

Like many populous cities, Philadelphia faced increased mortality rates due to COVID-19 during the last few years. Nearly 50% of the population stated that they know someone who has passed away from COVID or related complications.

Many residents passed, and many other residents relocated to be closer to family living elsewhere. Selling the house of a loved one who has passed is a complex process. To help you through the process, consider asking a real estate professional for help. 

Individuals No Longer Commuting Into the City

Philadelphia has seen a massive decrease in the number of commuters coming into the city. It’s expected that a good proportion of those commuters will never return to working in Philadelphia city five days a week as they did pre-COVID.

These individuals are frequently choosing to move out of the city center to enjoy the benefits and lower tax rates found elsewhere. After all, they no longer need to come into the city for work.

Moving For New Opportunities

Finally, many people decide to leave an area to look for new opportunities. While the unemployment rate in Philadelphia has continued to drop, it is still higher than the national average. Many of the positions eliminated were for low-wage workers, and some of these workers are ready to look for opportunities elsewhere.

Considering that Philadelphia’s unemployment is also high compared to similar cities like Pittsburgh and Baltimore, it’s easy to see why this is happening.

What’s Next in Philadelphia?

As homebuyers look into entering the Philadelphia real estate market and sellers look to get out, the market will continue to see significant shifts. Philadelphia properties saw an 11% price increase in the last twelve months, with sold listings leaving the market in just 8 days, and median home sales prices rising by 10.2% year-over-year.

Clearly, the Philly market is bouncing back strongly, and we expect the diverse economy and the affordability of “The City of Brotherly Love” to continue to attract new out-of-state residents and relocations.

Are you thinking about investing in real estate in Philadelphia? Or selling your property to move out of state? At Brotherly Love Real Estate, we buy properties for cash. We specialize in buying properties as is quick, helping you move or relocate to another city as easily as possible.