Millennials Mortgaging Kensington

 

"Homes like these on Waterloo Street in the Kensington area are changing hands fast, even as prices rise." | Photo: Emma Lee, for NewsWorks

“Homes like these on Waterloo Street in the Kensington area are changing hands fast, even as prices rise.” | Photo: Emma Lee, for NewsWorks

  • “If a mortgage can be cheaper than rent, it’s kind of a no-brainer,” muses Andy Moholt, explaining his rationale for purchasing his first home, in Kensington, for $50,000. NewsWorks reports that according to a study from Drexel’s Lindy Institute for Urban Innovation, this year’s third quarter saw a nearly 20% jump in the median price for a home in the neighborhood from the previous year. “You might have never thought you’d hear this sentence fall from someone’s lips,” says economist Kevin Gillen, “but right know Kensington is the hot place to be.”
  • The Frankford Gazette relates the happenings of the Northwood Civic Association’s monthly meeting on Tuesday night. A PennDOT traffic study, conducted along Castor Avenue between Foulkrod and Pratt Streets, revealed consistent speeding conditions. Therefore “the state will propose some traffic calming solutions,” such as “a raised crosswalk may be installed to force drives to slow down.” Also, repair work will supposedly soon begin on the Simpson Recreation Center; a September 2016 completion is expected.
  • West Philly Local is happy to share news of two substantial grants recently being awarded to local nonprofits: the William Penn Foundation’s $2 million gift to Bartram’s Garden to promote the historic horticultural center’s programming and environmental efforts by the Schuylkill, and the U.S. Small Business Administration’s $1.2 million to The Enterprise Center, meant for local job training, technical assistance, and networking skills.
About the author

Stephen Currall recently received his BA in history from Arcadia University. Before beginning doctoral studies, he is pursuing his interest in local history, specifically just how Philadelphians engage their vibrant past. Besides skimming through 18th century letters, Steve is also interested in music and travel.

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