Quick facts: Philadelphia, PA

Quick Facts

110.3
Cost of Living
above US average
1,567,258
Population
28.07
Crime Rate per 1000
above US average
$57,537
Median Income
below US average
$180,000
Median House Price
above US average
$1987.25
Average Rent
above US average
25%
Poverty Rate
above US average
4.7%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $57,537.

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Income Needed to Buy

βœ“ Affordable
$56k/year
Based on $180,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($57,537) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$85k/year
Based on $1987.25/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $85k vs median $57,537
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Philadelphia, PA

Philadelphia, the largest city in Pennsylvania, is rich in history and culture, often referred to as the "City of Brotherly Love." Founded in 1682 by William Penn, it played a crucial role during the American Revolution, being the site of the signing of the Declaration of Independence and the Constitution. The city's diverse neighborhoods offer a mix of historical and modern attractions. Key landmarks include the Liberty Bell, Independence Hall, and the Philadelphia Museum of Art, famous for its "Rocky Steps." Philadelphia is also known for its vibrant arts scene, with numerous theaters, galleries, and music venues. Culinary delights are central to Philadelphia's identity, particularly the iconic Philly cheesesteak. The city boasts a rich tapestry of cultural experiences, influenced by its large immigrant population, celebrated through various festivals and community events. Sporting events are a big draw, with passionate fans supporting teams like the Eagles (NFL), Phillies (MLB), and 76ers (NBA). With a robust public transit system, including the SEPTA network, navigating Philadelphia is convenient, making it an inviting destination for both residents and visitors.

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