How Much Is Rent In Philadelphia? (Solution found)

To find out how much it costs to rent an apartment in Philadelphia, look at the table below.

  • It costs $1,688 per month on average to rent an apartment in Philadelphia, which represents a 2 percent rise over the previous year. Read the complete Rent Report to find out more about how apartment rentals compare to those in other parts of the city, as well as which cities are the most inexpensive and which are the most expensive to rent in near Philadelphia, PA.

Is rent expensive in Philadelphia?

In January 2021, the average rent for an apartment in Philadelphia was $1,666 (compared to a national average of $1,465), according to the Philadelphia Apartment Association. Neighborhoods such as Belmont, Saunders Park, University City, and West Powelton are among the most costly in Philadelphia, with monthly asking rates reaching $2,519 in areas such as University City and West Powelton.

Is living in Philadelphia cheap?

For a big metropolitan region, the cost of living in Philadelphia is greater than the national average – yet it is relatively inexpensive, especially in comparison to other major cities. In fact, when compared to many other similar-sized cities, Philadelphia is one of the more cheap alternatives available.

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Is housing in Philadelphia expensive?

The solution is straightforward — and not too horrible. Despite the fact that Philadelphia is the sixth most populous city in the United States, housing in the city is 16.8 percent more costly than the national average. In reality, the cost of living in Philadelphia is just the 46th most costly in the country when it comes to housing costs.

Is it cheaper to live in NY or PA?

While living in Philadelphia, PA is less expensive than living in New York, NY, it is still less expensive than living in New York, NY. Generally speaking, employers in Philadelphia, PA pay 11.0 percent less than their counterparts in New York, NY.

Why is rent so high in Philadelphia?

Rents have risen as a result of a high demand for rental accommodation and a limited quantity of available units. According to Apartment List, rental apartments in Philadelphia are around 96 percent filled this month and approximately 97 percent occupied in the greater Philadelphia metropolitan region. Because of a lack of available single-family houses, some potential purchasers are forced to live in rental properties.

Is Philadelphia an affordable city?

According to Realtor.com’s experts, Philadelphia is the third-most “trendiest” and inexpensive metropolitan region in the US in terms of affordability. They looked at the 300 largest metro regions in the United States to find metropolitan locations that are both culturally rich and have a supply of reasonably priced houses compared to the high cost of living in cultural hubs.

Is moving to Philadelphia a good idea?

Philadelphia is an excellent city to raise a family because of a number of the advantages outlined above. Several cultural and educational possibilities are available in the city, as previously noted. Green space and walkable, pleasant neighborhoods provide opportunities for children to interact with one another.

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Why is Philadelphia rent so cheap?

During the city’s decade-long period of population increase, property prices in Philadelphia roughly mirrored the rate of inflation. However, developers have typically been successful in obtaining the exceptions they want in order to maintain a sufficient supply of homes to prevent prices from increasing in response to population increase.

How much are Philadelphia utilities?

The average utility bill for a Philadelphia resident, which includes gas, electricity, and water, is $143.71, according to the city.

Is it worth living in Philadelphia?

Affordable housing, job opportunities in the healthcare and education industries, incredible arts and culture, highly-rated universities, and a host of other amenities have helped Philadelphia to become a top destination for people who want to live on the East Coast but don’t want to pay the high prices of New York City or Washington, DC.

How is rent so high?

According to Nicole Bachaud, a market analyst at Zillow, rent is increasing for a variety of factors, including more employment security and a rise in the number of young people moving out on their own as residency limitations are lifted. In 2020, a large number of individuals left cities and others moved in with family members, but that trend is currently reversing.

Where is the cost of living the cheapest?

The states with the lowest cost of living are shown below.

  1. Mississippi. Mississippi has the lowest cost of living of any of the 50 states, followed by Oklahoma and Texas. Oklahoma is the state with the second-lowest cost of living in the United States, behind Arkansas, which is first. Arkansas, Kansas, Missouri, Georgia, Alabama, and New Mexico are the states with the third-lowest cost of living, followed by Kansas and Missouri.
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Is Philadelphia cheaper than Baltimore?

Baltimore is 12.8 percent less costly than Philadelphia in terms of cost of living. The cost of housing in Baltimore is 25.5 percent less costly than the cost of housing in Philadelphia. In Baltimore, health-related costs are 8.9 percent less expensive.

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