King of Prussia now has more renters than homeowners, joining hundreds of suburbs across the country that have experienced a similar shift, writes Michaelle Bond for The Philadelphia Inquirer.
The Montgomery County community, with around 25,000 residents, is one of 15 major suburbs in the largest metropolitan areas nationwide that became majority renter in a five-year span from 2018 to 2023, according to a Point2Homes analysis of Census Bureau data.
In 2018, renters lived in approximately 41 percent of King of Prussia homes. Five years later, that number has now grown to 52 percent. The share of renters crossed the 50 percent mark in 2022.
King of Prussia, the commercial hub of Upper Merion Township, has also seen diverse development over the last decade, with new neighborhoods emerging throughout the town, which include housing units ranging from apartments and condominiums to townhouses and single-family homes.
“Most, if not all, of the housing developments that have happened since 2017 have occurred within” King of Prussia, said Eric Goldstein, president and CEO of King of Prussia District.
And while new housing units have been added, “there’s also been quite a bit of retail, restaurant growth,” he added.
Read more about the shift in residence in King of Prussia in The Philadelphia Inquirer.
