The cost of living in the Philadelphia metro area is slightly higher than in the average U.S. market, with local residents paying more for housing and utilities but less for goods.
That’s according to a Business Journals analysis of the latest data from the Bureau of Economic Analysis’ Regional Price Parity Index. The index shows how costs compare in a metro compared to the national baseline of 100. That means a metro with an index of 90 would be 10% more affordable than the national average, for example. That index includes the cost of housing, services and goods as well, providing a more complete picture of affordability.
The data is from 2020, so it doesn’t include much of the significant inflation that has transpired during the Covid-19 recovery, but it does show which metros are most well-positioned to capitalize on their relative affordability and which metros could be hurt by a flight to affordability.
Philadelphia ranks at No. 75 among the 100 largest U.S. metros, making it more affordable than many of its East Coast counterparts. It’s less expensive than Baltimore (No. 84), Boston (No. 90), Washington, D.C. (No. 92), and New York (No. 99).
*Article courtesy of Philadelphia Business Journal
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