Quality of Life in Philadelphia, PA on a $273,700 Annual Salary
An annual salary of $273,700 in Philadelphia, PA, places a resident in a favorable financial position, allowing comfortable living standards significantly above the city's average. Below is a breakdown of the cost of living, housing market, quality of life, healthcare access, and K-12 education, providing insights relative to the broader United States.
Cost of Living
- General Overview: Philadelphia's cost of living is slightly higher than the national average. Key factors include housing, transportation, and healthcare.
- Taxes: Pennsylvania has a flat state income tax rate of 3.07%, which is relatively low compared to other states. However, Philadelphia imposes an additional city wage tax, impacting take-home pay.
Housing Market
- Home Prices: As of 2023, the median home price in Philadelphia is around $300,000—considerably lower than cities like New York or San Francisco but higher than the national median.
- Affordability with Salary: With a $273,700 salary, individuals can comfortably afford mortgage payments, allowing for options in desirable neighborhoods.
- Market Conditions: The housing market in Philadelphia is dynamic but offers opportunities for investment and homeownership in diverse, historically rich areas.
Quality of Life
- Cultural and Recreational Opportunities: Philadelphia is rich with historical significance, cultural venues, and green spaces, contributing significantly to a vibrant lifestyle.
- Dining and Entertainment: The city's culinary scene is diverse, with a wide range of dining options that cater to different tastes and budgets.
Access to Healthcare
- Healthcare Quality: Philadelphia boasts several renowned hospitals and medical schools, ensuring high-quality healthcare services.
- Cost Considerations: Healthcare costs align closely with national averages. Accessibility to top-tier facilities enhances overall quality of life for residents.
K-12 Education
- Public Schools: Philadelphia’s K-12 education system includes diverse public school options, although performance varies greatly by neighborhood.
- Private and Charter Schools: There are numerous private and charter schools offering alternative education models and enhanced academic opportunities.
- School Quality: Higher-income families often pursue private schooling options, which boast strong academic reputations.
Summary
A professional earning $273,700 in Philadelphia enjoys a high-quality lifestyle. The cost of living remains manageable with this income level, allowing for comfortable housing and discretionary
