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These days, finding an affordable place to live in the Philadelphia area can be challenging. Home prices in Philadelphia are now at a median cost of $181,755, lower than the New York average of $610,895.
The average cost of rent is $1,015/mo in Philadelphia, primarily driven by the current value of real estate in the Philadelphia area. In Philadelphia, 33.75% of households rent, and 46.34% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Philadelphia is $6,610 per month. Households that rent pay about 15.36% of their income on rent here. Philadelphia’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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Cities with Similar Populations
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