In recent years, Philadelphia has attracted its fair share of Millennials to its up and coming neighborhoods and the Center City area. With plenty of opportunity, whether it is in business or the arts, everyone is able to find their niche in the City of Brotherly Love.
Agent Lady has put together a list of the top five neighborhoods in Philadelphia where Millennials should buy a home right now.
Fishtown
Named for its history of being the epicenter for the shad fish industry, this neighborhood has become the hub spot for artists and young professionals looking to make their mark in Philadelphia.
Close to the Market Frankford Line, Millennials can forgo buying a car and save some extra money. There are plenty of restaurants, bars, and music venues located either in or near Fishtown. There is a little something for everyone here.
According to Zillow, the average price for a home in Fishtown is $234,400. Since the neighborhood is up and coming, those homes are expected to appreciate quickly over the years.
Point Breeze
This South Philadelphia neighborhood is not as developed as Fishtown, but it has extremely high potential and has been named the Best “Bad” Neighborhood to buy a home. Millennials make up 36.6% of the residents currently living in Point Breeze!
Close to the Broad Street Line, you can be in Center City in just 5 minutes! If it’s a nice day, feel free to save the $1.80 and take the 20-minute walk to City Hall. Restaurants, bars, and coffee shops are sprinkled throughout this mostly residential neighborhood.
Known as the “Hottest Neighborhood” in 2017 by Curbed Philadelphia, projected home value growth is a whopping 12 percent! According to Zillow, the average price of a home in Point Breeze is $180,400. If you are looking to buy a home, or are considering investing in a property and flipping it, Point Breeze will get you the most bang for your buck!
by Eli Pousson
Francisville
Moving up north, Francisville is another Philadelphia neighborhood drawing the attention of Millennials, especially with the new development and restaurants.
This neighborhood is accessible by trolley route 15 and buses 48, 33, and 7. However, there are many stations to pick up a Citi Bike and enjoy the ride down Fairmount Avenue. With plenty of restaurants, bars, coffee shops, and just minutes away from the Art Museum and the Benjamin Franklin Parkway, residents will always have something to do.
Millennials looking to rehab houses, this is the area to do it in! If you are looking for a home ready to move into, the Zillow average price of a home is around $368,600 with a predicted rise of 2.7% in value over the next year.
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Olde Kensington
Right next to Fishtown, Olde Kensington still has more development opportunity available. With a 5-story apartment complex just announced by Blackstone Development Millennials will be able to watch as the neighborhood comes up and up and up.
Located near the Market Frankford Line as well as buses and the 15 trolley, residents can easily make their way into Center City each day if needed. There are multiple restaurants and bars along Front Street and the newly opened Fillmore theater are go-to spots during the weekend.
According to Trulia, the average price for a home in Olde Kensington is $172,000. It’s a great idea to buy now and hold onto it while the neighborhood becomes more popular and homes appreciate dramatically.
by Justin Wolfe
Northern Liberties
Located north of Old City, this Philadelphia neighborhood is popular for artists and art lovers as well as young professionals. Nicknamed “NoLibs” the neighborhood is not for tourists and will feel like home to any Millennial.
With two stops on the Market Frankford Line, Center City is just 10 minutes away for those working. Plenty of bike racks are found on the sidewalks for those Millennials who like to save some money on transportation. Weekend nights are never boring in Northern Liberties, especially with Sugar House Casino and the Electric Factory being so close along with many bars!
Already decently developed, this neighborhood is for the Millennial looking to find a home in a neighborhood that has already “come up.” Zillow estimates that the average price for a home in this neighborhood is $396,900 with a 4.6% property value increase over the next year.
Philly Is The Place To Be for Millennials
Philadelphia is home to a plethora of opportunities for young Millennials, especially those graduating from one of the 90 universities located in the area. These neighborhoods are perfect for Millennials looking to advance the city and watch their homes appreciate and the neighborhoods grow.
Do any of these neighborhoods peek your interest? If so, contact the Agent Lady for more information about buying your first home in Philadelphia!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
