6 Takeaways from King of Prussia District’s 2024 Housing Report
Upper Merion’s housing market remains strong as it meets the demand of a growing population, while minimally impacting local educational resources.
King of Prussia, PA (October 3, 2024) – Today King of Prussia District released its 2024 Housing Report, which provides a comprehensive look at Upper Merion Township’s migration trends, residential community profile, market performance, affordability and impact on local school resources. The report builds on King of Prussia District’s 2020 Multifamily Housing Report to include all types of housing in Upper Merion.
Six key takeaways from the report:
- Recently named 2nd on Fortune’s Best Places for Families to Live in the United States list, Upper Merion Township remains a desirable and sought-after community.
Net migration from other states or townships to Upper Merion increased by 76% over the past decade.
- Increased demand for housing being met with new construction.
Since 2016, 3,562 new housing units were built, increasing the total number of housing units in Upper Merion by 28%. Of these, 91.6% are multifamily units with high-quality amenities.
- Signaled by high occupancy rates, Upper Merion’s rental market remains strong.
Upper Merion shows strong rental market performance, particularly in properties built after 2016, with a 95.4% occupancy rate in Q2 2024. The average asking price in this market is $2,070 per unit.
- Upper Merion Township remains a seller’s market, as housing prices continue to rise.
The median sales price for all types of houses in Upper Merion is $505,000 in 2023, representing an increase of 68.9% over the past eight years. Single-family attached units saw the most significant increase (100.7%), followed by multifamily units (71.9%) and single-family detached units (55.4%).
- Residents in Upper Merion Township are less financially burdened compared to those in Montgomery County and Pennsylvania overall.
Both renters and homeowners in Upper Merion are less financially burdened compared to those in Montgomery County and Pennsylvania, with a smaller percentage of households exceeding the 30% income threshold for housing costs.
- Despite the increase in total housing units, research suggests that new housing results in minimal impact to the local school district.
The relatively low ratio of school-age children generated per housing unit (1 child per 22 units) suggests an insignificant impact on educational resources, with approximately 237 school-age children resulting from new housing units. Although the total number of housing units increased by 28% over eight years, only 167 new public-school students were added, representing 3.7% of Upper Merion Area School District’s total enrollment of 4,502 in 2023.
“We are pleased to present this update of the report we first issued in 2020, and expand its scope to provide a more comprehensive look at the state of housing in Upper Merion,” said Eric Goldstein, President & CEO of King of Prussia District. “Through our Research & Data Analytics program, we’re committed to conducting data-driven research to analyze the performance of the King of Prussia market, inform thoughtful change and keep KOP’s transformation top of mind for stakeholders, elected officials, developers, investors and the general public.”
ABOUT KING OF PRUSSIA DISTRICT
Driven by a progressive vision of King of Prussia as Greater Philadelphia’s economic powerhouse and premier location for community and commerce, King of Prussia District is a 501(c)3, nonprofit organization that represents 431 commercial property owners with a combined $2.3B in assessed property value. Founded in 2010 through Upper Merion Township ordinance, King of Prussia District boldly pursues its mission of accelerating economic growth by making King of Prussia more vibrant, attractive and prosperous through work across five programs: Land Use & Zoning; Marketing & Communications; Physical Improvements; Research & Data Analytics; and Transportation.
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