Still looking for my perfect first investment.
There seem to be some good deals in that area, but some of the stats are making me nervous. Neighborhood Scout says the area I'm looking at, 5th St/Mifflin, has a high childhood poverty rate and a vacancy rate of over 11%. Apart from that, it seems pretty dreamy. Any thoughts?
Southwark is an old district description for the 19147 and 19148 zip codes in South Philly. I am not sure when that area description was dropped, but this area now encompasses neighborhoods such as Queen Village, Bella Vista, etc. I believe that 5th and Mifflin is in the Dickinson Narrows or Wharton neighborhoods.
As far as the child poverty rate, Philadelphia has one of the highest poverty rates, standing at 22.10 in the nation according to the last census report. Poverty is a problem for Philadelphia and to be honest, I don't see much effort on the part of our city government to change this. I say, this to say that poverty is not just a 'Southwark' problem, it is a city wide problem.
Lastly, I find it hard to believe that the vacacy rate is this area to be as high as 11%. Especially in the 19147 zip code which is a high to moderate income
Southwark is an old district name for the 19147 and 19148 zip codes in South Philly. I don't know when this name was dropped, but Queen Village, Bella Vista, Pennsport, etc., neighborhood destinations have taken the place of Southwark. I believe 5th and Mifflin is in the Dickinson Narrows or Wharton neighborhood to be specific.
As far as the poverty rate, Philadelphia has one of the highest poverty rates, standing at 12.2, in the nation. Sadly, it does not appear that our local government here in Philadelphia has done much to address this. Poverty is not just a 'Southwark' problem, it is a city wide problem.
Lastly, I have a hard time believing that this area has such a high vacancy rate. While there are still some blue collar, lower wage earners sprinkled thorough these neighborhoods, this is a high to moderate income level community. I would suggest double checking your information.
Thanks Paulette. Super helpful as usual. I don't remember where I got hold of Southwark anyway. Must be in someone's listings.
I wondered about that vacancy rate. Neighborhood Scout gives scary vacancy rates for a lot of places. 15% for Germantown for instance. It's a variable I hadn't really considered because I didn't realize the spread was so wide.
Thanks for the tip on Wilmington, Damian.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing