This Nifty New Tool Shows How Much It Costs to Live in Philly
Last month, we reported that an analysis by the Tax Foundation found that $100 doesn’t go very far in Philadelphia compared to other parts of the country. In other words, the cost of living here is relatively high.
Now, the Economic Policy Institute has developed a nifty new tool that shows exactly how much money you have to shell out to live in the Philadelphia metropolitan area and other regions throughout the country. Here’s what the think tank found it takes for a family with two adults and two children to survive here:
One interesting takeaway? At $14,630, a family’s estimated annual child care costs in the Philadelphia metro are higher than its housing costs, which are approximately $13,620. CityLab reported that Philly is not unique in this way: “In 500 out of the 618 areas analyzed, child care costs more than housing for such families, says Elise Gould, senior economist and director of health policy research at the institute.”
According to the Economic Policy Institute, the annual cost of living for a family of four in the Philly areas is “19.8 percent more than in the median family budget area.” The median annual cost is $63,741.