Daily News | Houses in the Philly suburbs are still in high demand, but developers aren’t building there
Having bought a rowhouse in a hot South Philadelphia neighborhood in 2018 with little fuss, Patel was caught off guard by the cutthroat suburban housing market of 2023.
The suburban housing crunch is caused by a shortage of land, campaigns to preserve green space, and a powerful antidevelopment sentiment among incumbent homeowners, say suburban builders and county officials.are keeping more families in Philadelphia longer. Many of the city’s new homes come in the form of rental apartments, which is why rents in Philadelphia’s most desirable neighborhoods are rising less quickly than their suburban counterparts. It’s easier to buy in the city, too.
In 1992, just 250 new units of housing received permits in all of Philadelphia, the lowest number on record in federal permitting data stretching back to 1980.new housing units, and some more double that. That year Toll Brothers alone expected to complete 2,000 new homes across the collar counties. of new housing just in the last five years. For comparison, all of Delaware County approved fewer than 4,000 new units of housing over the past decade.
“It’s really hard to buy a $500,000 house in the suburbs,” said Pestronk. “Because of that, we’re seeing people stay longer in the city. And so we are designing more and more for young families.
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