Higher Home Values Preserved in Mixed-Income, Medium-Density Suburbs

A new study of the Philadelphia area commissioned by the Congress for New Urbanism “finds new urban characteristics play a role” in how households and neighborhoods weathered the recent economic downtown.

An analysis of home sales in 340 zip codes in the Philadelphia region showed that neighborhoods with "exclusively low-density dwellings", as well as those "lacking income diversity" fared poorly in the latest recession from 2007 - 2012, reports Robert Steuteville. Declines in home values ranged from 1.9 percent to 49 percent in individual zip codes, with housing in Center City, Philadephia showing less of a decline than areas of extreme sprawl. "Mixed-use, walkable, suburbs also declined an average of 20 percent. The average house price in the region went down 26 percent. Typical non-new urbanist communities declined 35 percent." reports Steuteville.

This marked a reversal in patterns from the last housing downturn from 1989 – 1995, when housing values in the core urban center plummeted at a higher rate than those in lower-density suburban areas. The study's author, Kevin Gillen, an economist and senior research consultant at the University of Pennsylvania's Fels Institute, observes, "not only is the magnitude of the recent housing downturn unique, but its structure is as well." The report's findings align with a similar study carried out by Christopher Leinberger in the Washington DC area.

Full Story: Philadelphia story — Compact, mixed-income areas weather housing crash

Comments

Comments

Medium-Density Suburbs

but how to find finds new urban characteristics play a role.....

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
DVD Cover of The Story of Sprawl

The Story of Sprawl

See how America changed shape in this collection of historic films that visually document how sprawl evolved.
$29.99 for 2-DVD SET

Stay thirsty, urbanists

These sturdy water bottles are eco-friendly and perfect for urbanists on the go.
$19.00