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Axios Philadelphia Thought Bubble

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Dating can be expensive, but you don't have to spend a ton of money to have a good time in Philly.

Whether you're on a first date or have been together for years, here are some date ideas under $25.

Stop for water ice before heading to the park. Take in the rolling hills and waterfront as you enjoy the sweet treat.

Details: The park hosts weekly events, including yoga classes and guided kayak tours, all pay what you can.

Go early to grab a hammock at this indoor-outdoor arts and community space.

Best for: Couples who love hanging on the waterfront.

Cherry Street Pier. Photo: Bastiaan Slabbers/NurPhoto via Getty Images

Spend a romantic day or night touring the Philadelphia Museum of Art's collection.

Cost: Pay whatever amount you'd like on the first Sunday of the month and every Friday night. Get the details.

Details: The special rate is redeemable in person and does not include entry to ticketed exhibits or programs.

Rocky Balboa statue in front of the Philadelphia museum of art

Rocky Statue. Photo: Jumping Rocks/Universal Images Group via Getty Images

3 Philadelphia date ideas under $25

People kayak in front of the Philly skyline

Enjoy Fairmount Park. Photo: Jumping Rocks/Universal Images Group via Getty Images

Dating can be expensive, but you don&#x27;t have to spend a ton of money to have a good time in Philly.<ul><li>Whether you&#x27;re on a first date or have been together for years, here are some date ideas under $25.</li></ul>

Things to Do

Data: Moody's Analytics; Table: Kavya Beheraj/Axios

In the fourth quarter of 2022, the average asking rent in Philadelphia was $1,768, up 10.2% from a year earlier, according to Moody's Analytics.

Why it matters: Affordability concerns are starting to weigh down the booming rental market.

What's happening: Many would-be home buyers chose to rent longer last year, sustaining apartment demand, economists at Moody's say. But folks are hitting their spending limit.

For the first time in more than two decades, households now have to spend 30% of their income on average rents, says a new report.

Year-over-year rent growth slowed in the second half of the year across the board, "and we expect further deceleration as new supply makes it to market at the same time the labor market softens," senior economist Lu Chen tells Axios.

Zoom out: Rents are already falling in cities that were near the epicenter of the pandemic home-price boom, Axios' Matt Phillips reports, citing Realtor.com data.

What we're watching: New apartment construction. The expected surge in supply could help bring down prices.

Yes, but: Experts say most cities will "remain undersupplied with the kind of affordable units that see the highest demand," per The Wall Street Journal.

Philadelphia rents are still high, for now

Affordability concerns are starting to weigh down the booming rental market.

In the fourth quarter of 2022, the average asking rent in Philadelphia was $1,768, up 10.2% from a year earlier, according to Moody&#x27;s Analytics.Why it matters: Affordability concerns are starting to weigh down the booming rental market.

Real Estate

Philadelphia added 8,000 mixed-use apartments between 2012 and 2021, per a recent report from RentCafe, a nationwide apartment-search website.

That accounts for nearly 40% of the units built in Philly in that timeframe, securing our city's spot at the forefront of a national housing trend. 

Why it matters: Rental communities that include residential, office and retail space gained a foothold in the last decade, especially as the pandemic heightened renters' preference for having daily activities close at hand, the report found.

The big picture: The number of apartments in "live-work-play" buildings nationwide has quadrupled from 10 years ago, from 10,000 completed in 2012 to 43,700 in 2021, according to Yardi Matrix data.

Philly trailed only New York City (49%) and Boston (42%) in share of mixed-use apartments built in that period.

Between the lines: While new buildings are popping up throughout the city, the Philly region trails other large U.S. metros in new apartment units expected to come online this year.

The region — Philadelphia, Camden and Wilmington — ranks 22nd among other U.S. cities for new apartment units set to be completed this year (more than 5,500), according to Joanna Truscan, a spokesperson for Redfin. 

In Philly alone, 3,301 apartment units are projected to be delivered by year's end. 

Yes, but: The city is suffering from a shortage of low-rent housing options, and affordable housing appears to be trending downwards. 

Plus: Inflation is pushing rents higher, with the median asking rent in Philadelphia hitting $2,439 in July, up 11.3% over the last year, according to Redfin.

The bottom line: Blending different types of real estate is one way cities are evolving in the era of remote and hybrid work.

What to watch: The development of the former South Philly refinery into the Bellwether District would further boost the city's live-work-play apartment stock and create a new neighborhood. 

Philadelphia is one of the top cities for live-work-play apartments

The number of apartments in "live-work-play" buildings nationwide has quadrupled from 10 years ago.

Illustration of an office cubicle with a roof like a house.

Housing

Philadelphia added 8,000 mixed-use apartments between 2012 and 2021, per a recent <a class="gtmContentClick" data-vars-link-text="report from RentCafe" data-vars-click-url="https://www.rentcafe.com/blog/rental-market/market-snapshots/live-work-play-developments/" data-vars-content-id="d27c082a-bfc0-47f3-b713-c8594589017e" data-vars-headline="Philadelphia is one of the top cities for live-work-play apartments" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.rentcafe.com/blog/rental-market/market-snapshots/live-work-play-developments/" target="_blank">report from RentCafe</a>, a nationwide apartment-search website.<ul><li>That accounts for nearly 40% of the units built in Philly in that timeframe, securing our city&#x27;s spot at the forefront of a national housing trend. </li></ul>

Data: U.S. Census American Community Survey; Chart: Jacque Schrag/Axios 

The daily commute in Philly shrank during the pandemic.

What's happening: The average one-way commute in Philly was 3.2 minutes shorter in 2021 compared to 2019, per the latest U.S. Census data.

Why it matters: More people working from home and fewer commuting by car has reshaped the traditional back-and-forth.

24.3% of Philadelphians worked from home last year, up from 5.1% two years ago, according to the data. 

Zoom in: Only 57% of office workers had returned to their desks in Center City as of September, compared to pre-pandemic times, according to the Center City District.

Between the lines: Traffic congestion is down about 27% across major U.S. cities' downtowns compared to pre-pandemic levels, reports Axios' Alex Fitzpatrick.

Nationwide, the average one-way trip to work was two minutes shorter than in 2019, per the census data.

What we're watching: For anyone who does go back in, flexible work arrangements make it easier to avoid rush hour and cut back on some of the stress around commuting, Adam Kamins, a senior director at research firm Moody's Analytics, tells Axios.

Pandemic shaved minutes off Philadelphia commutes

More people working from home and fewer commuting by car has reshaped the traditional back-and-forth.

Traffic

The daily commute in Philly shrank during the pandemic.What&#x27;s happening: The average one-way commute in Philly was 3.2 minutes shorter in 2021 compared to 2019, per the latest U.S. Census data.

News

COVID

Data: Point2Homes; Map: Tory Lysik/Axios Visuals

Philadelphia renters earned 87% of the income they would need to afford a starter home in October, according to an analysis by real estate website Point2Homes.

Researchers considered "starter homes" properties valued in the lower one-third of all available homes for sale.

Why it matters: Higher mortgage rates and housing costs are keeping homeownership out of reach from many first-time buyers.

By the numbers: Renters in Philadelphia earned a household income of $36,648 on average, while the income needed to cover a mortgage was $42,300, according to the study.

In September, a typical Philadelphia starter home cost $149,657, the study found by analyzing Zillow data.

Zoom out: Following interest rate hikes this year, renter households in 15 of the 50 largest U.S. cities made less than half the income needed to buy one of the cheapest homes in town, per the analysis.

The big picture: Across the U.S., the share of first-time home buyers has shrunk to a record low, according to the National Association of Realtors. First-time buyers made up 26% of all buyers in 2022, down from 34% last year, the group found.

Go deeper: 3 reasons it's getting harder for renters to buy 

Philadelphia renters can't afford starter homes

Renters earned 87% of the income they would need to afford a starter home in October, an analysis found.

Real estate

Philadelphia renters earned 87% of the income they would need to afford a starter home in October, according to an <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.point2homes.com/news/research/starter-homes-where-to-find-them-entry-level-house-myth.html" data-vars-item="in_content_link" href="https://www.point2homes.com/news/research/starter-homes-where-to-find-them-entry-level-house-myth.html" target="_blank">analysis</a> by real estate website Point2Homes.<ul><li>Researchers considered &quot;starter homes&quot; properties valued in the lower one-third of all available homes for sale.</li></ul>

Sami Sparber

Featured stories

Philadelphia rents are still high, for now

Philadelphia renters can't afford starter homes

Pandemic shaved minutes off Philadelphia commutes

Philadelphia is one of the top cities for live-work-play apartments

3 Philadelphia date ideas under $25