The “City of Brotherly Love” with the 5th largest population in the US
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Philadelphia, also commonly known as Philly, is the most populous city in the state of Pennsylvania with around 1,600,000 people living there. The city is home to multiple immigrant cultures, races and traditions. The Declaration of Independence and Liberty Bell are the main historic events Philadelphia is known for.
Culture, History, and Business
Philadelphia is responsible for America’s first hospital, medical school and zoo. It’s regarded as a medical hotpot in the USA, as one out of every six doctors are trained there. Furthermore, America’s first daily newspaper, The Philadelphia Packet and Daily Advertiser, were founded in 1784. The city is filled with museums where tourists can soak in the culture.
Entertainment hotspots like several ski resorts, caves, fishing charters and hiking trails mean living there is a blast. The array of activities keeps the locals busy during the cold winter months and sunny summer ones too.
Philadelphia’s industrial roots were founded way back in the 1700’s with textile mills being the most popular. The current economic climate is dominated by more advanced industries such as internet commerce, computer software and communications. Manufacturing is also established in Philly – in particular fabricated metal products, industrial machinery, chemicals, scientific instruments, paper and electronics.
The growing job market and the horde of activities mean millennials have plenty of reasons to stay in the area. The rapid increase in young families ensures the housing market will remain healthy for decades to come.
Real Estate Appeal
The flourishing job market in Philadelphia means families can settle down with jobs in the city and surrounding areas. The mixture of jobs means all types of qualified professionals can find something that suits their interests.
Also, Philly is a great place to live with the excellent amenities and diverse range of restaurants. Tourists flock to the city too for soaking in the culture and visiting skiing resorts. Therefore, short term rentals are allowing you to buy and rent property out.
Philadelphia’s housing market grew 5% during the last year with a predicted growth of 4.2% in the coming year. The medium listed house price in the city is $234,900 and the rent is at $1,490. The increasing real estate prices is a reason to consider investing in Philadelphia.
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