More Philly renters are struggling | Real Estate Newsletter

In neighborhoods across the city, renters are scraping by.

Household incomes are low. And the rent keeps going up.

One renter I talked to has a seasonal job working for the state. So especially in those months when she relies on unemployment benefits, she said she has to be “strategic” about the bills that get paid.

An increasing share of Philly’s renters are struggling.

Keep scrolling for that story and more in this week’s edition:

— Michaelle Bond

If someone forwarded you this email, sign up for free here.

If you spend more than 30% of your income on housing costs, you’re considered “cost burdened.”

Some recently released data from the Census Bureau backs up what lots of renters are feeling. More Philly renters are cost burdened, which means they have less money to pay for everything else.

I talked to an attorney at a legal aid nonprofit who told me about someone who recently came in for help. And this story isn’t unique.

The man in his 70s has rented a home in the Frankford area for two decades. He’s been paying below the market rent, which has already been eating up half his Social Security check since his wife died. But his landlord sold the property, and the new owner said rent would be doubling to $1,200, roughly the market rate.

That’s essentially all of the money he gets every month, so he’ll have to move. And wherever he goes, he’ll probably have to spend a majority of his income on rent.

Keep reading to learn more about the situations Philly renters find themselves in and why rents have gone up.

Almitra Tankersly first saw appraisal bias in action when she was 12 and her parents’ home in West Philly was undervalued.

She’s now part of a team of Black women in real estate, banking, and finance that’s fighting back against property appraisal bias in Philly and beyond.

Home appraisal bias happens when Black homeowners’ properties or properties in predominately Black neighborhoods are valued less than comparable properties owned by white households or in primarily white neighborhoods.

The discrepancy strips home equity from Black households and widens racial wealth gaps.

Tankersly, Clara Lyons-DeVaughn, and Vonetta Hawkins — together known as the WEALTH Collective — won $50,000 last week to support their work, which includes an app they created that lets people upload their property appraisals. It flags bias and helps homeowners fight incorrect appraisals.

Back in 2023, I wrote about a report that found that homeowners in Black and Latino neighborhoods in the city would have an additional $57 billion in property wealth if their homes had appreciated at the same rate as owners in majority-white neighborhoods over the course of seven decades.

Earlier this year, the Economy League of Philadelphia, which produced that report, issued what it called the Fair City Challenge to ask groups to come up with ideas to address the problem.

The WEALTH Collective won the challenge’s grand prize.

Keep reading to learn more about the contest and the WEALTH Collective’s work.

Joshua Wilkin’s bi-level condo is like an art gallery.

That makes sense, seeing as Wilkin is dean of students at Moore College of Art & Design and has been collecting art for more than 15 years.

He’s got sculptures that look like balloon-art dogs, illustrations of streetscapes, and many abstract paintings.

His dad is a fine artist and illustrator and has gifted Wilkin some artwork. His sister designs sets for TV and movies and gave him advice on his decor.

Peek inside Wilkin’s colorful condo and take a look at some of his art.

In the Philly region this September, more sellers listed properties for sale, and more buyers searched for homes. Falling mortgage interest rates in August and September got them excited.

According to the multiple listing service Bright MLS, in the Philly metro last month:

🔺The number of closed home sales — about 5,400 —was up 6.1% compared to the same time last year.

🔺The number of new pending sales — about 5,770 — was up 2%.

🔺The number of new listings — about 7,200 — was up 7.2%.

🔺The median sale price — $390,000 — was up 2.7% from last year.

So far this year, we’re seeing slightly more home sales than at this point last year.

Do you know the location this photo shows?

📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.

Last week’s quiz featured a photo of the Ebenezer Maxwell Mansion in Germantown.

The only reader who got that right (or who even took a guess) was super reader Lars W. Just about every Thursday, I can count on getting an email from him with the correct answer to the quiz and some interesting tidbit about the subject of the photo.

He called the mansion “one of the best and most original house museums in Philly.”

Sold, Lars. I’ll have to visit.

Enjoy the rest of your week.

By submitting your written, visual, and/or audio contributions, you agree to The Inquirer’s Terms of Use, including the grant of rights in Section 10.