Just 11 percent of Philly has a balanced home price mix, according to a recent report by Redfin. That's compared to Boston, which is the most economically integrated city, with 51 percent having a balanced home price mix. Why does that matter? Because there is greater economic mobility in neighborhoods with diverse incomes compared to areas with less diverse incomes, according to Pew Charitable Trust reports. That may make Philly look bad, but here's the silver lining: 82 percent of our city is affordable, compared to Boston's 15 percent.
The report also determined each city's most balanced areas. If you're looking to live in an economically diverse neighborhood in Philly, check out Spring Garden, Olde Kensington, Northern Liberties, Francisville, and Old City. Not surprisingly, the high-end areas are Fitler Square, Rittenhouse Square, Passyunk, Society Hill, and Chestnut Hill, respectively.
For the report, Redfin used its own sale price data and 2014 city-specific median family income from the American Community Survey.
· Redfin Report [Official]
· Philly's rent dropped big time in 2015 [Curbed Philly]
· Find out which Philly neighborhoods are gentrifying rapidly [Curbed Philly]
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