Why wouldn’t you want to live in Philadelphia?
The city is a life force of its own. When you walk the streets and take in the exquisite architecture–a blend of modern and historical structures–you simultaneously exist in a rich past, flourishing present, and promising future.
Philly’s cuisine is second to none, offering the local classics synonymous with the cities and an eclectic mix of international options.
There’s a heartbeat in Philadelphia. Residents are passionate and welcoming. They’re proud of their sports teams, music, movies, and art. You don’t need to travel far to find a place to enjoy a stimulating conversation about any topic above (and more) with a fellow local.
That said, there’s always another side to the coin. You’ve always got to be prepared for the other shoe to drop.
For instance, rent is typically a deterrent for many people wanting to move to a big city. After all, you’ve generally got to pay for the quality of life offered by big cities–and Philadelphia is a top-tier, enriching place to live.
Looking at the numbers, though, you might be pleasantly surprised with what you learn about the cost of rent in Philadelphia. Read on as we explore this topic further:
Per RentCafe, it costs $1,896 on average to rent an apartment in Philadelphia. The average apartment size in Philly is 791 sq. ft.
RentCafe also cites the
average rent in the US at $1,702.
If you’re budget conscious, an almost additional $150 per month seems like a lot of money.
Nonetheless, that number isn't a full representation of rent in Philadelphia. Averages are complicated and contextual. For one, national averages weigh places like Springfield, Missouri, which has a
$1,400 average monthly rent.
Of course, this is nothing against Springfield, Missouri. It's a perfectly fine place to live. It’s just that Philadelphia is a cultural hub. We’re talking about the home of the Phillies, Eagles, and 76ers. The Fresh Prince and Rocky Balboa started their journeys here. Thomas Jefferson wrote the Declaration of Independence here!
You’ll always have to pay more for quality–and Philadelphia offers its residents high-quality, diverse, and thriving lifestyles.
That said, there’s a difference between paying more for an enhanced quality of life and getting raked over the coals.
With the above statement in mind, where does Philly rank amongst similarly big cities with a transcendent heartbeat?
The best way to discern the cost-efficiency of living in Philadelphia is by comparing it to other big cities like New York and LA.
RentCafe has rent in
LA at $2,781 per month. In Manhattan, New York, the average rent for a standard apartment
is $4,614.
Furthermore, in San Francisco, the
average monthly rent is $3,313. There’s also San Diego’s rent coming in
at $2,917. Seattle’s
average rent is $2,223. It’ll
cost you around $2,215 to rent an apartment in Chicago. Denver is a bit less expensive than the other cities we’ve mentioned but still more costly than Philadelphia, with an average rent of
$1,967 per month. We’d be remiss to not mention the
average $2,327 rent in Washington, DC.
These numbers paint a very clear picture–Philadelphia’s average rent might be higher than less centralized regions in the US. Still, it’s exceptionally affordable among other big cities.
These more expensive big cities have their reasons for their high rent. They’re hubs that attract people in droves. LA and New York have their mainstream reputations, for instance. Chicago–the windy city–-also has a rich history and notoriety for its immersive culture. Seattle, San Francisco, San Diego, and Denver all offer their own distinct quality of life benefits.
However, Philadelphia more than stacks up to these cities, offering similar benefits to its residents at far more affordable living costs.
We still want to give a fair representation. Philadelphia doesn’t have the lowest rent among larger cities. For instance, renting in Houston costs an
average of $1,334. The average monthly
rent in Atlanta is $1846.
All the same, Philadelphia is near the most affordable of all big cities. It packs the same iconic punch as places like New York and LA with a bit more tenacity and authenticity.
Without weighing rent as a factor, the monthly living costs in Philadelphia are $4,320 for a family of four.
One person would need
$1,196.10 monthly to afford to live in Philadelphia without considering rent. These expenses are 18% lower than in New Yew York (without including rent).
These living costs can seem anywhere between insurmountable and highly cost-efficient, depending on how much you make. Fortunately, ZipCruiter lists the average annual salary in Philadelphia
as $70,374, which is $33.83 per hour. That’s $1,353 per week and $5,864 per month–more than enough for living costs and rent and enough funds left over to save, invest, or spend as you wish.
Let’s compare this to New York, where ZipRecruiter reports having an average
$50,501 income. Yet, rent is vastly more expensive in New York than in Philly, as is the cost of living.
Philadelphia allows its residents to earn more at lower living costs than the Big Apple, further solidifying itself as an affordable big city with an unforgettable cultural heartbeat.
Furthermore, Philadelphia has a
higher median household income than the national average. Those living in the City Of Brotherly Love are set up for success with cost-friendly living and well-paying jobs.
Do you want to learn more about the renting opportunities in Philadelphia (as either a landlord or tenant)? Feel free to reach out to the team at GM Holdings.
Philly is our stomping grounds, and we’re always eager to help people get a better lay of the land.
Contact us with your inquiries about rentals and Philly, and we’ll reply promptly and insightfully.
