Housing Costs Rise for Philly's Poorest Residents, Fall for the Wealthy
New research in the Philadelphia region finds that housing costs are increasing for low-income residents while decreasing for those with higher incomes, such that households that make less money aren't spending substantially less on housing.
Both a lack of affordable housing and growing income inequality are driving this trend, researchers at real-estate firm Apartment Life found.
In 2008, the region's wealthiest residents earned more than 12 times its poorest, Aaron Moselle reports in Plan Philly; in 2017, it was 17 times. Moreover, between 2007 and 2018, housing costs grew by 8 percent for households earning less than the national median income—but not at all for households earning more, as prices dropped in Philly's luxury apartment market.