Population – Diverse and growing
A classic Philadelphia neighborhood in every sense, East Falls is a welcoming home to a diverse community of all races, ethnicities, backgrounds and professions - from second and third generation “Fallsers” to the recent influx of young professionals and their families. A multitude of businesses and over 10,000 Philadelphians are proud to call East Falls their home.
So who’s moving here? Twenty percent of new home buyers in East Falls were already living in the neighborhood; 20% come from Center City neighborhoods; another 20% from the surrounding neighborhoods of Chestnut Hill and Germantown; and 30% of new home buyers have relocated to East Falls from outside the city of Philadelphia. The median age of the population is 31 years. Within the past decade, East Falls has seen an increase in residents between the ages of 18 – 34, making it a growing center for younger professionals. Currently, 40% of its residents fall between these ages - and, they are happy to be here! According to surveys conducted by the City Planning Commission, more than 80% of residents say they are “very satisfied” with the neighborhood, a satisfaction rate higher than each of the neighborhoods surrounding East Falls, and most neighborhoods in the city.
Household Income & Employment
The residents of East Falls continue to outpace the city average for household income ($53,228 vs. $30,746). Convenient access to both Center City and the surrounding suburbs makes the neighborhood a particularly attractive option for working families. Nineteen percent of the households earned $75,000 and over. Over 30% of the area’s population has a college education, with 14% of this sector earning a graduate degree or higher.
The neighborhood also offers its own employment opportunities with several major institutions located in the community. These include:
- The national headquarters of The Pep Boys, with over 600 employees (www.pepboys.com).
- Philadelphia University, with 200 staff and over 3,500 students (www.philau.edu).
- The William Penn Charter School, with 850 students (www.penncharter.com).
Other than Philadelphia University, three other institutions of higher learning are within a twenty minute drive to East Falls including LaSalle University, St. Joe’s University, Temple University, and Philadelphia College of Osteopathic Medicine. Together, their enrollments exceed 25,000 students.
Housing Values – On the rise
Designated one of the city’s “10 Cool Neighborhoods” by Philadelphia Magazine in 2003, East Falls has seen resurgence in housing values, while remaining an affordable choice for young professionals, families and retirees. In 2002, the median housing value was $98,201, with the home appreciation rate at 8.6%, far above the national rate of 6.25%. The neighborhood, unlike any other in the city, offers an attractive menu of housing choices – from modern condominiums to Cotswold row homes to spacious twin and single family Tudor and stone homes. More than 80% of residents have chosen East Falls for either the beautiful appearance of the neighborhood or its availability of affordable housing.
Housing Statistics: 2006 East Falls Philadelphia
- Property Usage (by percentage):
- Residential: 82.78% 80.08%
- Condominium: 9.49% 4.07%
- Vacant land parcels: 2.93% 7.36%
- Commercial: 2.16% 4.38%
- Multifamily Properties: 1.37% 3.11%
- Stores with Dwellings: .57% 1.19%
- Industrial: .20% .90%
- Residential Sale Price, Median, 2002 100,250.00 55,000.00
- Residential Sale Price, Percent Change, 2001-2002 25.31 16.53
Business and Commercial Development
East Falls offers great opportunities for business and commercial development. The East Falls Business Association is an organization of businesses in the community. In the past few years, at least six new eateries have opened and plans are in place for more dining and entertainment establishments. Commercial space is available along the main Ridge-Midvale business corridor, and the East Falls Development Corporation serves as the critical support organization to help encourage and manage growth (EFDC).