Philadelphia Housing Boom Could Bust If Millennials Leave

PHILADELPHIA (CBS) -- Philadelphia's housing boom could become a housing glut in the next few years, unless the city improves in two areas: jobs and schools. That was the warning from the Center City District, on Tuesday.

Center City has added more than 6,500 new residential units in the last five years and there has been a new resident for each of them, according to the Center City District report. Its president, Paul Levy says, like other large cities, Philadelphia has gained from the "millenial surge" of 20- to 34-year-olds.

"That's been a gift to the city. That's what's driving a lot of rental demand. But, it's time limited," Levy says.

He adds that the millennial population has peaked and, though suburban flight has slowed markedly, it's still a factor so to fill an estimated 6,000 new housing units, due to come online in the next three years, the city has to do a better job of holding on to them.

"We're going to lose them unless we can supply more jobs and better-funded schools," Levy said. You can click here to see the report.