It is purported to be the site where the upholsterer and flag-maker Betsy Ross (1752–1836) lived when she is said to have sewed the first American flag.

The origins of the Betsy Ross myth trace back to her relatives, particularly her grandsons, William and George Canby, and the celebrations of the Centennial of 1876.

The front part of the building was built around 1740, in the Pennsylvania colonial style, with the stair hall and the rear section added 10 to 20 years later.

In 1937, Philadelphia radio mogul, A. Atwater Kent offered up to $25,000 for the restoration of the house and commissioned historical architect Richardson Brognard Okie to do the work.

In preparation for the United States Bicentennial, remains deemed to be those of Ross and her third husband, John Claypoole, were moved to graves in the courtyard.