Quality of Life in Philadelphia, PA with an $88,910 Annual Income

Philadelphia, Pennsylvania, offers a unique blend of historical charm, vibrant urban life, and diverse communities. Here's a breakdown of how an annual income of $88,910 translates to quality of life relative to the cost of living and home prices compared to the broader United States.

Cost of Living

• Overall Expenses: Philadelphia’s cost of living is slightly above the national average, with particular emphasis on housing and transportation.
• Groceries and Utilities: These costs are generally in line with national averages, offering a moderate environment for daily living expenses.
• Taxes: Pennsylvania has a flat state income tax rate of 3.07%, which is relatively low, but Philadelphia also imposes local income taxes that increase the overall tax burden.

Housing Market

• Median Home Price: As of the latest data, the median home price in Philadelphia is approximately $250,000, which is lower than the national median. This makes homeownership somewhat more accessible.
• Renting: Rental prices are competitive, with many affordable options compared to other major cities, but may consume a significant portion of the budget depending on location within the city.
• Property Taxes: Philadelphia's property taxes are relatively low compared to many other large metropolitan areas, but they can vary significantly by neighborhood.

Quality of Life

• Cultural Life: The city offers a rich cultural scene with museums, theaters, and historical sites like Independence Hall and the Liberty Bell.
• Public Transportation: Philadelphia is well-served by public transit, providing a cost-effective alternative to owning a car and reducing transportation-related expenses.
• Recreational Opportunities: The city is home to numerous parks and outdoor activities, enhancing the quality of life for residents.

Access to Healthcare

• Healthcare Facilities: Philadelphia boasts several world-class hospitals and medical institutions, ensuring high-quality healthcare access.
• Healthcare Costs: Healthcare expenses can be slightly above the national average, but the availability of facilities potentially offsets these costs with better services.

Quality of K-12 Schools

• Public Schools: Philadelphia's public schools vary in quality, with some highly rated schools but others facing challenges such as overcrowding and limited resources.
• Private and Charter Schools: There are numerous private and charter school options available, though they come with additional costs.

Summary

Living in Philadelphia with an income of $88,910 offers a moderate quality of life.