Philadelphia’s cost of living is up to 26 percent lower than that of some of its suburban enclaves, found new GOBankingRates research, according to a staff report from the Philadelphia Business Journal.
The annual cost of living totals $42,844 in Philadelphia, far below areas like King of Prussia at $58,509, Ardmore at $60,130, and Phoenixville at $61,342.
The report examined cost of living differences across 25 major cities nationwide and their top three suburbs, finding that 15 cities have a lower annual cost of living than their surrounding suburbs. Philadelphia ranked seventh among the analyzed cities, while New York topped the list as the most expensive.
Despite having a lower cost of living than its suburbs, Philadelphia fell short when it came to savings potential. Households earning the city’s median income of $60,698 retained $17,854 after major expenses were accounted for, compared with higher savings levels across each surrounding suburb.
Households in Ardmore saved $55,143 on a median income of $115,273, while King of Prussia households saved $53,091 with a median income of $111,600. In Phoenixville, the median household income of $94,411 translated into savings of $33,069.
Read more about Philadelphia’s cost of living compared to its suburban counties and other major cities in the Philadelphia Business Journal.
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