Quality of Life in Philadelphia, PA on $92,565 Per Year

Cost of Living

• Philadelphia Cost Index: Slightly above the national average.
  • Compared to the broader U.S., Philadelphia's cost of living is reasonable but may require more budgeting than smaller cities.
• Everyday Expenses:
  • Groceries and utilities are competitive but can be higher than in some regions, impacting disposable income.
  • Public transportation is efficient and more affordable compared to other major cities.

Housing Market

• Median Home Price: Higher than the national median.
  • As of late 2023, the median home price in Philadelphia hovers around $290,000, compared to the national median of approximately $375,000.
• Rent vs. Buy:
  • Renting is often a viable option for individuals earning $92,565, with average rent prices for a one-bedroom apartment being approximately $1,600 per month.

Quality of Life

• Cultural and Recreational Activities: High
  • Rich historical landmarks, museums, and diverse dining options.
  • Vibrant arts scene and sports culture.
• Work-Life Balance:
  • Potential for a good work-life balance due to numerous parks and community events accessible after work hours.

Access to Healthcare

• Available Facilities: Comprehensive
  • Access to high-quality healthcare facilities with several top-ranked hospitals such as the Hospital of the University of Pennsylvania.
• Health Insurance: Necessary
  • Health insurance is crucial due to potentially high out-of-pocket healthcare costs.

Quality of K-12 Schools

• Public Schools: Mixed Quality
  • Access to excellent magnet and charter schools, though public school quality can vary significantly by neighborhood.
  • Increasing investment in education infrastructure over recent years.
• Private Institutions:
  • Numerous reputable private schools for those able to afford tuition.

Summary of the Assessment

Individuals in Philadelphia, PA, earning $92,565 per year can expect a moderately comfortable lifestyle, with thoughtful budgeting particularly for housing. The richness in culture and efficient public amenities enhances the quality of life. However, the variability in K-12 public school education quality and the need for insurance coverage for healthcare are considerations that would require careful planning. Overall, Philadelphia offers a good quality of life with adequate access to essential services and a vibrant community atmosphere.