Last Updated on May 1, 2024 by Jawad Ali
Living in Philadelphia
Philadelphia is known for more than just its hoagies and cheese steaks. It has deep historical roots as well. In addition to its colonial history, the city was the site of the signing of the Declaration of Independence.
In addition to being densely populated and surrounded by geographically exciting features, such as the Delaware River, Philadelphia is equally appealing to both city-lovers and those seeking outdoor adventure.
Considering moving to Philadelphia, make sure your budget is accurate first! In this article you will learn about the cost of living in Philadelphia with all necessary expenditures.
Cost of living in Philadelphia
The cost of living in Philadelphia varies depending on several factors, such as housing, transportation, food, and entertainment. Generally speaking, Philadelphia is considered a relatively affordable city compared to other major metropolitan areas in the United States. Housing costs in Philadelphia are typically lower than in other East Coast cities like New York or Boston, with the median home price hovering around $160,000. However, rental prices can be relatively high, especially in popular neighborhoods like Center City or University City. Transportation costs in Philadelphia are also relatively low, with a SEPTA transit pass costing around $100 per month.
Food and entertainment costs can vary widely depending on individual preferences. Still, Philadelphia is known for its wide variety of affordable dining options and cultural attractions, including museums, theaters, and live music venues. Overall, while the cost of living in Philadelphia is not necessarily cheap, it is still considered a relatively affordable city compared to other major urban centers in the United States.
Philadelphia is the City of Brotherly Love, a city with a colonial charm and modern attractions. The cost of living in Philadelphia is lower than in bigger cities like New York or San Francisco. These factors will be important to take into account when estimating the cost of living in Philadelphia.
Costs of Healthcare in Philadelphia
The Pennsylvania Insurance Department regulates Philadelphia’s healthcare costs. Additionally, the agency collects and reviews the prices listed by all health insurance providers and ensures that none of them are excessive, inadequate, or unfairly discriminatory. However, healthcare costs in Philadelphia, PA, vary from provider to provider.
The average single coverage for self-employed individuals is $456, and the average cost of family insurance is $1,800. By purchasing health insurance through your employer, you would be spending half that amount per month, or $225 per month.
Cost of Transportation in Philadelphia
The public transportation options in major cities tend to be hit-or-miss. In Philadelphia, however, the public transportation system is exceptional. You can take the bus or take the railroad wherever you want to go.
It is the responsibility of the Southeastern Pennsylvania Transportation Authority (SEPTA) to provide transportation in the city. If you are trying to save money on your commute, a weekly pass is better than a single daily pass. It costs $9 for a convenience pass for one day and $25.50 for a weekly pass.
Would you like to save more? In Philadelphia, MIT’s Living Wage Calculator states that the average adult single spends $4,332 on transportation every year. Some of these expenses also involve using public transit. For others, driving a car necessitates budgeting for vehicle upkeep, fuel, tolls, and parking. Being close to your place of employment is crucial because it can significantly affect your cost of living.
In contrast, if you prefer a budget-friendly method, you can save up to 75% by purchasing a monthly pass for just $96, covering public transportation and parking. During the year, that will come to just over $1,152.
It is possible that you could walk everywhere! This city is an excellent place for walking and bicycling, too!
Cost of Housing in Philadelphia
Philadelphia has very affordable housing costs compared to many major cities. As a result, Philly’s rental rates are much lower than those in cities like NYC at about 52%. Due to Philadelphia’s lower cost of living and amenities, many New Yorkers have relocated there since then. Developers and investors also find Philadelphia to be a very prosperous city.
Moreover, a 1-bedroom apartment would cost you about $1,300, a 2-bedroom apartment would cost $1,700, and a 3-bedroom apartment would cost $2,800.
Cost of Food in Philadelphia
Philadelphia households spent 11.7 percent of their budget on food, not significantly different from the 12.5% average in the United States. Food dollars spent by Philadelphia-area households were $5,191, or 61.1 percent, on food at home and $3,297, or 38.8 percent, on food away from home. An American household’s food budget goes towards purchasing food at home 61.9% of the time, while 37.8% goes towards purchasing food elsewhere..
Cost of internet and electricity in Philadelphia
The city of Philadelphia enjoys four distinct seasons. It is mild in the spring and fall, while it is hot in the summer and cold in the winter.
Choosing an energy-efficient apartment will help you save money on your utility bill since the weather will affect your bill.
Utilities in Philadelphia are generally more expensive than the national average. A Philadelphia resident’s utility bill is an average of $171.62, which includes gas, electricity, and water.
Interestingly, this total does not include mobile phone or internet service costs. Those costs are dependent on the carrier and the location. For this reason, it isn’t easy to estimate your utility bill. Accordingly, internet service in Philadelphia costs an average of $63.83 per month.
When choosing an internet provider, you should thoroughly analyze your options. Changing jobs can be an excellent opportunity to maximize your savings if you can trimming a living wage makes it impossible to develop an accurate estimate. Thus, it is necessary to earn at least three times what you pay for rent in order to budget properly.
This rule makes sense. Most budgets include housing costs as the most significant expense. Rent should be able to be covered three times over to ensure that a solid financial foundation is built. Furthermore, you can use the rest of your income to pay for your other financial obligations.
Renters should earn at least $3,696 per month before taxes to live comfortably in a one-bedroom apartment in Philadelphia, costing $1,110 per month. That amounts to $44,355 before taxes.
Is Philadelphia an expensive city?
Philadelphia is more expensive than most other cities in the United States. If you shop in Philadelphia, your shopping will cost you 1.15 times more than in the United States. In Philadelphia, the average accommodation cost ranges from 6,000 PKR (31 USD) for hostels to 23,000 PKR (121 USD) for a 3-star hotel. An average night’s stay in Philadelphia’s luxury hotels costs approximately 89,000 Pakistani rupees (456 USD).
The cost of a one-way travel ticket in Philadelphia is 2.00 USD or 490 Pakistani rupees. A car rental in Philadelphia will cost you 4,692,000 PKR (23,000 USD) (e.g., Volkswagen Golf or Toyota Corolla). When traveling in Philadelphia, you should know that taxi prices depend on several variables. Approximately: 618 PKR (3.20 USD) for a taxi from the airport to the city center. A one-kilometer ride in Philadelphia will cost you approximately: 670 PKR (3.40 USD).
