Quality Pool of Workers
The region's level of educational attainment continues to outpace that of the nation. In 1990, the number of residents 25 years and older holding a bachelor's degree or higher was 2.9 percentage points higher for the region versus the United States. By 2000, the difference was 3.9, and by 2007 it had widened to 4.3 percentage points.
The difference is more pronounced when looking at the share of persons with an advanced degree. In 1990, the number of residents 25 and older holding advanced degrees was 1.4 percentage points higher for the region versus the United States. By 2000, the difference was 2, and by 2007 it had reached 2.7 percentage points, with the region at 12.8 percent compared to the U.S. level of 10.1 percent.
Colleges and universities are continuously building upon the momentum of education and innovation in Greater Philadelphia. They are an enormous part of the culture of this region and produce some of the nation's top talent and research. The 92 institutions across the region continue to develop and enhance the region's growing workforce.
Those who call Greater Philadelphia home enjoy a cost of living that is lower than New York, Boston or San Francisco metropolitan areas. A dollar goes farther here, which means it takes less money to enjoy living well. Residents have a choice to live in an urban, suburban or rural setting.
Price and availability of homes are also important criterion for companies looking to locate to the region. According the National Association of Realtors, those looking to locate in Greater Philadelphia will find the fifth-lowest median home prices of the top U.S. metropolitan areas at $248,800.
Greater Philadelphia ranked seventh lowest in median sales price among the 12 largest MSAs in the National Association of Home Builders/Wells Fargo Bank housing opportunity index for Q4 2008. This index measures the share of homes sold in an area that could have been purchased by the median income family. By this measure, 44 percent of the homes sold in Greater Philadelphia could have been purchased by the median income family.
Greater Philadelphia's diverse neighborhood options range from urban living in Philadelphia and Wilmington to suburbs such as Horsham, Pa., Pike Creek, Del., or Moorestown, N.J., to rural towns of Salem County, N.J., and Chester County, Pa.