PHILADELPHIA (CBS) – For years, Philadelphia suffered from a brain drain. Young adults would get their college education in the city, then catch the first train out of town. But the trend is now reversing.
“I would absolutely move to Philly,” said Chris Velascco, a Rutgers-Camden graduate eager for his first job. “Philly would be a fantastic place to go. A lot of great businesses. I figure a real cool place for a young guy to get his start.”
After finishing college, graduates are moving into the city instead of out. Rutgers-Camden graduates are looking across the river for work.
“That’s where the jobs are right now,” said Sean O’Brien, a business major.
A new Kiplinger study ranked Philadelphia one of the top 10 cities for college graduates. Rent is affordable and Center City is crammed with big employers. A few blocks away, neighborhoods like Old City and Northern Liberties are becoming hotspots for young adults.
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“I like the neighbors. I like the neighborhood. I like that it’s a family environment and it’s safe,” said Nikki Roberts, who just graduated Temple University with a double major in dancing and philosophy. Roberts lives in Northern Liberties.
More than 50,000 young adults moved into the city over the last 10 years, making up a substantial part of the city’s growth. Now census data shows Philadelphia is getting younger. More than 1 in 4 people living in Philadelphia is between 20 and 34 years old.
“A lot of the housing that I have looked into is pretty affordable and same with all the restaurants and everything else,” said Shailer Kern-Carruth.
According to Kiplinger, the city has two big drawbacks: a persistently high crime rate and rent. Although rent in the city is below the cost of other East Coast cities, it is still above the national average.
Reported by Oren Liebermann, CBS 3