From the Philadelphia Inquirer:
Philadelphia has a secret weapon. Housing everywhere, from the urban core to its terrific suburbs, remains affordable. The biggest challenge in the leading mega-regions of the world is escalating housing prices. Wharton's Joseph Gyourko and colleagues dub this the "superstar-city" phenomenon. Prices in other key parts of Bos-Wash (not just Manhattan, but also Boston and Washington) have skyrocketed, and not even the subprime crisis or the current credit crunch has brought them down to earth. At a recent dinner party in Toronto, we were talking about trying to recruit a high-flying professor from a Philadelphia-area university, when a colleague jumped in: "We'll never get him. He has a mansion outside of Philadelphia for less than what it would take to buy a two-bedroom condo in Toronto." This housing-cost advantage is a huge edge for Philly's future. Philadelphia has plenty of challenges. As in all cities, there's work to do on crime and urban education. But both city and region are well-positioned for the future.
The rest is here.