Suburban Boomers Become Center City Roomers

According to a recent study by Commerce Bancorp, the Center City baby boomer influx could continue for decades and is an important component of Philadelphia’s economic growth and prosperity. Economist Joel Naroff - writing in the bank’s “Spring Economic Outlook” newsletter – said, “Now that the boomers are nearing their retirement years, they are reconsidering their locational choices. Without children, they are starting to rid themselves of their huge suburban homes to live where the amenities match their new lifestyles. Center City Philadelphia has become one major winner in the housing lottery, setting off a major boom in the construction of apartments, condos and co-ops. This demographic and locational shift could last for decades and is likely to help reverse the decline in the city [emphasis added]. When the city expands, it adds to growth throughout the region, so the future for the region looks even brighter.”