Let’s take a look at how renting in Philly compares to other coastal and national urban hotspots.
With a population of over 1.5 million people, Philadelphia ranks as the nation’s sixth largest city. Of the six most highly populated areas, New York, Los Angeles, Chicago, Phoenix and Houston, Philly’s median monthly rent cost of a one bedroom apartment is the least expensive by over $200. Philadelphia’s price sits at $1,038, and the next cheapest, Phoenix’s, is $1,250. The median rent charge for a two bedroom apartment in Philadelphia sits just under $1,500, nearly a thousand dollars less than Los Angeles’ and far less than half of New York’s. Despite steady population growth over the last decade, living in Philadelphia remains as affordable as any city its size. Of the country’s six largest cities, Philly’s cost of living index of 101.2 (average 100) ranks more favorably than each except Houston.
Compared to other large northeastern, coastal cities, Philadelphia is far and away the most affordable for renters. The median rent cost of a one bedroom apartment in New York, Boston and Washington, D.C. is over 300%, 190%, and 180% more expensive than Philadelphia’s, respectively.
If you’re looking for big city living, but don’t want to break the bank, Philadelphia is the city for you.