Category affordable

Philadelphia developer D3 introduces affordable housing for teachers

 
That’s right, you heard me correctly.

Affordable housing is coming to Kensington, with about 60% of the units reserved for teachers/educators only, and another 20% reserved for other low-wage earners. It will be called Oxford Mills.

Cool concept, and more positive news for development in Kensington (which seems to be on fire, as of late).

For the most part, affordable housing in the US is typically geared toward those who are disabled, elderly, and/or qualify as low-income; and rightfully so. It’s not everyday that you hear about an affordable housing project designed primarily for educators, and those who have recently graduated from college with a degree that will most likely start with lower-than-average wages; or as stated in the article, “newly minted professionals.”

But, it’s happening; and it’s happening in Philadelphia.

D3 is looking to deliver loft-style units with exposed beams, high ceilings, large windows, and an architecturally pleasing facade. You know, the kind of units that fetch high rents in Philadelphia’s growing neighborhoods. The best part is that they will be about 25% cheaper than comparable apartments (to those who qualify), which will compensate for the income level of its residents.

Smart.

This building also plans to set aside about 40,000 sq ft (close to SEPTA’s public transportation; Hello, TOD) to house offices for start-ups, non-profits, and a new HQ for Teach for America.

Overall, this project gets a thumbs up from me.

Philadelphia ranks 2nd for “Affordable Housing + Transportation”

 
This may come as a surprise to some, but not to me.

Through my US travels, I’ve always thought of Philadelphia as a very affordable place to live for what it has to offer its residents. Please bear in mind that I’m comparing Philadelphia to our local competition: Boston, New York, and Washington DC (although, DC was the only other city to rank better in this study; who knew).

I’m not going to compare Philadelphia to cities like Indianapolis or Cincinnati. They’re great cities, but very different from the Northeastern US and both have completely different locations/offerings. My reasoning, I’m trying to do an apples-to-apples comparison; not apples-to-oranges (as the saying goes).

All of The Big 4 cities offer similar things such as large historical metropolises, dense populations, thriving downtowns and/or central cores, convenient locations, and similar climates. Plus, they all have easy access to mountains, rivers, lakes, beaches, the Atlantic Ocean, and each other. Hence, they are easy to compare and contrast in a general sense.

When you look at these 4 cities side-by-side, Philadelphia has a lot to offer at an affordable price. This is a great article that talks in further detail about why Philly ranked 2nd.

Check it out when you have time.

Philly is a bargain!

So, what exactly about Philadelphia is a “bargain”? Almost everything in comparison to other major, coastal cities. Rent, art/culture events, etc.

… And it all starts with Center City.

This is an excellent article about why Philadelphia is becoming a premium choice for transplants, as well as how our housing market has held up so well (in comparison to other major cities) during the last half decade.

Good stuff.