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Cost of Living in Philadelphia

Is it better to rent or buy in Philadelphia? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$68,707
$1,436/mo

Median in area: $1,436

$295,145

Median in area: $295,145

$59,029

If you Rent

🔑
$1,607 /mo
Base Rent$1,436
Est. Utilities$171
% of Income28.1%
Pre-tax Residual$4,119

If you Buy

🏠
$2,013 /mo
P&I (6.897%)$1,555
Taxes & Ins$287
Est. Utilities$171
% of Income35.2%
Pre-tax Residual$3,713

Cost of Living FAQs

Is it cheaper to rent or buy in Philadelphia?›

Based on median housing data, renting is currently more affordable on a monthly basis in Philadelphia. The estimated all-in monthly cost for renting is $1,607, while owning a median-priced home with a 20% down payment is roughly $2,013 per month (a difference of $406).

How much do utilities cost in Philadelphia?›

The average monthly utility cost (electricity and natural gas) for a typical home in Philadelphia is approximately $171. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Philadelphia?›

To comfortably afford the median rent and utilities in Philadelphia without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $64,280 per year.