Written by Nick Simard on 16.01.17
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Those who live in Philadelphia already know there are numerous reasons to love it. This lively city is filled with up-and-coming neighborhoods like Northern Liberties, or NoLibs, which offer art and culture, nightlife, ethnic food and natural areas within easy walking, biking or transit distance. Philly’s many attractive qualities are predicted to bring more residents in coming years thanks to growing numbers of millennial inhabitants, as well as wider national recognition of the city’s housing market, excellent location and quality of life.
The millennial generation is now the largest segment of the American workforce, and more than 400,000 already call Philadelphia home with more likely to follow. The city’s millennial population jumped by 41 percent since 2006, and they represent about a third of the city’s population. The percentage of millennials in Philly rose faster than in any other of the 10 largest cities in the United States during that same time period.
A generational shift in locational preferences from suburban to urban communities bodes well for the Philadelphia housing market, especially since the city offers nearly every feature most desired by millennials, including a robust job market, affordable housing, parks and hiking trails, local (non-chain) restaurants, walkability, a revitalized downtown, concert venues and convenient public transit.
Philadelphia’s foundational features literally position the city favorably: it is roughly two hours from both Washington, DC, and New York City, both easily reachable by public transportation. Philly’s historically rich urban center is dynamic, boasting the country’s third largest downtown population, yet its affordability compared to other East Coast cities makes living there attainable. Finding luxury housing downtown and in other trendy neighborhoods is a goal within reach.
Annual surveys of U.S. real estate markets may rank Philadelphia at just 28th in terms of overall investment opportunity, but most agree that the market deserved a higher ranking. And the city rates at or near the top of several other important indexes, including cities with the fastest-growing jobs and most walkable urban places. Despite some recognition for all its positives Philly makes it onto the list of most undervalued cities based on its livability at no. 2.
Topics: Philly Apartments , Philly Things to Do
