Wednesday, June 29, 2016

Philadelphia is becoming a millennial powerhouse

Our wonderful city at night. Courtesy of PARJustListed.com.


Here are some interesting stats/stories to help paint the picture:

- "Philly's Millennial Population Growing Fastest Among 10 Largest US Cities"

- "Where Millennials Live in Philadelphia"

- "Two Philadelphia-Area Companies Named Best Places to Work for Millennials"

- "Philadelphia Ranks as the Best City for Millennials to Work & Live" (which coincidentally, is the inspiration for this blog post)

There is even more great/positive press out there for Philadelphia and the millennial contingent, but rather than post a few more links that all prove the same thing, I thought it would be beneficial to discuss the subject.

So let's break this topic down PUL.com-style:

- The obvious reason ... our affordable housing.

If you compare the average cost to buy a home in Philadelphia, versus the average cost to buy a home in Texas, The City of Brotherly Love & Sisterly Affection may not seem like a steal. But ... If you compare the average cost to buy a home in Philadelphia, versus the average cost to buy a home in New York, Philadelphia is the deal of the century.

We also look good compared to DC and Boston, just sayin'.

Now, if the average buyer only focused on areas like Center City or University City, the good deals may not seem as prevalent. But a quick home search in South Philadelphia or Northwest Philadelphia really opens up the doors for most young buyers, and still provides all of the benefits (e.g. convenient location, public transportation, neighborhood restaurants/festivals, etc).

I know a lot of the naysayers out there will say that millennials would prefer to rent than buy, or that millennials fear the commitment associated with owning a home; there is some truth to that. But when the monthly "cost to own" is less than the "cost to rent" (and Philadelphia's diversified renter pool typically allows the option to keep your home as an investment rental property, even in the event you have to leave the city and prefer not to sell), this is where Philadelphia's home buying affordability starts to really shine through.

- Our city's vibrant cultural, dining, and entertainment scenes.

If you are a traveler that likes to "see and do things" on your trips, Philadelphia is a cornucopia of culture.

There's the history: Liberty Bell, Independence Hall, everything Benjamin Franklin, etc. There's the food: Stephen Starr, Jose Garces, our Top Chef alum, cheesesteaks, roast pork, etc. There's the art: Philadelphia Museum of Art, Barnes Foundation, more public art than most national/international cities, etc. There are the sports: Eagles, Phillies, Sixers, Flyers, and Union (oh, and Rocky). There's the music: Electric Factory, Union Transfer, The Fillmore, Johnny Brenda's, etc.

I could go on and on, but you get the idea. Most people in the US (as well as around the world) do not realize how big and awesome Philadelphia really is, along with all of the things it has to offer its visitors and residents.

If you're looking for more, VisitPhilly.com is a great website to peruse.

- Our world-class universities and hospitals.

Second only to Boston, Philadelphia has more to offer in the "Eds & Meds" category than any other city in the US; hands down.

UPenn and Drexel keep getting bigger and harder to get into. Temple has created its own neighborhood. Villanova just won the NCAA title. Need I say more.

Our hospitals are not only great for those looking to become doctors and/or medical specialists, but they offer great job opportunities once a degree is in hand. Oh, and let's not forget that Philadelphians have access to some of the best healthcare institutions in the world, whether you are in the city proper or in the suburbs.

So, what does all of this have to do with millennials you say? Well, a lot.

Most millennials strive to go to college; Philadelphia has some of the best. Post-college, most millennials plan to work right away; Philadelphia has great co-op/intern programs, job opportunities, and a vibrant entrepreneurial community. When not working, millennials enjoy their meals out; Philadelphia has so many restaurants, it can be hard to make a decision sometimes. Finally, millennials are less into owning cars and more into public transit; tons of SEPTA trains, subways, and buses in/around Philadelphia.

Needless to say, millennials love Philadelphia.

Our city checks all of the appropriate boxes, and offers a convenient US location to boot. Staying relevant to younger generations around the world is an obvious bright spot in Philadelphia's promising future.