CCD Report Shows Strong Housing Market In Philadelphia

By Hadas Kuznits

PHILADELPHIA (CBS) - According to a new report released earlier this week, Philadelphia's housing market is holding strong.

Paul Levy, president of the Center City District, says his organization's annual housing report shows exponentially increasing growth in Philadelphia:

"We've been averaging about 1,500-1,600 new households for each year from the last five years coming into Center City, so that's a very, very positive sign."

Levy says two demographic groups stand out when it comes to those moving into the city:

"The two biggest sources of demand have been empty-nesters and young professional millennials."

So how do you attract folks in the generation between those two demographic groups to the city?

"We've got to do a better job with schools, we've got to do a better job with job growth," Levy says.

He says better job growth means the poverty rate would be down, the unemployment rate would be down and the tax base of the city could be stronger to support schools.