Since 2001, the residential population of Lower Manhattan has doubled from roughly 28,000 residents in 2001 to 56,000 in 2010, according to the 2011 “State of Lower Manhattan” report by the Downtown Alliance.
Lower Manhattan offers a wide variety of housing options and sizeable quantity of new living units, pedestrian friendly streets, and excellent mass transit access. Therefore, it is no wonder that experts predict another 4000 residents to the area. According to the Alliance’s report, Lower Manhattan is also an area of the island which is very well-educated and upper-middle class. Of adult residents in Lower Manhattan, 85% possess a college degree (42% have a post-graduate degree). The median household income of $143,000.
Moreover, Lower Manhattan is attracting a great deal of long term residents. The average household size is 2.2, with 40% of childless couples in Lower Manhattan planning to have children within the next three years. Already 25% of Lower Manhattan households contain children. With two thirds of renters in Lower Manhattan planning to buy, areas such as Battery Park and TriBeca are attracting those who want to put down roots.
The demand shown in the population increase is being met with an adequate addition in unit supply. While Lower Manhattan 56,000 residents “live in 28,121 residential units in 312 building” currently, another “Ten buildings with 2,546 units are scheduled to open by 2014” already.
The relocation and office opening of companies such as Condé Nast relocating to the Financial District will surely attract more residents to open air and seaside areas such as Battery Park and Tribeca.