Feb. 2, 2015
Over the past ten years, Center City’s population has grown by 24.2%, while we understand all of those new comers aren’t Millennials, we’re willing to bet the majority of new residents in Philly are the younger age group, and we know why. The city’s cultural scene is a perfect fit for Millennials. The opportunity for higher education in Philadelphia is one of the best in the country. From the festivals and nightlife to the inviting real estate scene and professional job market, Philly is becoming home to a new generation.
Philly offers more than 92 degree-granting institutions with nearly 368,000 students attending a school in the metro area. Not only does the city offer a vast range of degrees of different interests, but graduates in 2016 are more likely to stick around as the job market in Philly begins to grow. In fact, in 2013, more than 75% of Center City residents had at least a bachelor’s degree from an accredited institute.
Growing job market
Philly is home to a wide range of professional positions. From the health care field to laborers and retail experts, the city offers career paths Millennials would be hard pressed to find anywhere else. CenterCityPhilla.org explains well-educated workers choose to live close to downtown to take advantage of the broad array of cultural, entertainment and dining options. Downtown Philadelphia hosts more than 288,000 wage and salary positions with a total payout of more than $13 billion each year.
Millennials know that while planning to settle down for at least a few years, buying real estate is a better investment than paying rent. Whether you’re looking for a condo or single family home, when you buy in Philadelphia, you have direct access to the great attractions, dining, shopping and cultural scene that has built the city into an artistic melting pot. The city offers residents walkability and access to new parks and recreation choices, including the Schuylkill River Park, Dilworth Plaza, and Rittenhouse Square. Bankrate.com says the median price for a home in the Philly metro area is $219,600, which offers amenities, proximity to entertainment and access to public transportation that simply can’t be found at such an affordable price anywhere else.
Young families and professionals are laying down roots in Philadelphia. The appealing lifestyle, social atmosphere, and neighborhood charm of the city draws in more Millennials each year helping to boost Philly’s economy and continue to develop the city as one of the most appealing in the country.