Millennials love Philly.
Or at least, that’s what we’ve been told over the last several years. Recent studies told us that Philadelphia is the ideal city for that fickle demographic born roughly between1982 and 1998, with its thriving job and real estate markets.
In less than a decade, Philly saw a 31 percent increase in its millennial population, more than double the national average of 14.4 percent, according to U.S. Census Bureau data crunched by commercial real estate services firm JLL.
But that rapid growth which appears to have peaked in 2010, has leveled off since 2013. It seems Philly has reached “peak millennial” status, according to the report.
In Philly, millennials mostly live in Center City, Fairmount, University City and Manayunk.In affluent Manayunk, the same population, also known as Generation Y, grew 16.7 percent from 2000 to 2012.
JLL points out that millennials — 7.24 million of whom live in the nation’s largest cities — will continue to influence the economy and real estate market, but investors should consider this slowdown in the future.