Yes, Philadelphia is about 40% cheaper compared to New York City.
“Affordability, walkability, more space and easy access to city life is attracting people from more expensive markets to resettle in the Philadelphia area – particularly since the start of the Covid-19 pandemic and shift to remote work. New York transplants are leading the way….” Philadelphia Business Journal.
Philadelphia vs New York: What’s the Difference?
While Philadelphia and New York are both major cities, there are several cost-of-living differences.
We’ll compare two upscale neighborhoods to give you an idea of the cost differences between the two cities.
A one-bedroom apartment in Chelsea in Manhattan, New York costs $4,921 on average while a one-bedroom apartment in Rittenhouse neighborhood of Philadelphia costs $2,086 per month. Chelsea costs 135% more.
How Much Can You Save By Living in Philadelphia?
In the example above, you’re saving close to $35,000 a year if you live in Philadelphia. If you live in a more affordable neighborhood, you can save another $8,000 plus a year. Not to mention more affordable food, parking, and the advantages of having substantially more green space, and less congestion.
The choice of which city to live in also depends to a large extent on your job, however, people do commute from Philadelphia to New York on a daily basis.
Since Covid19, the work-world has changed, as more and more employers are flexible, allow, and in many cases remote work. So if you have one of these flexible employers (and still want easy access to NYC), then renting in Philly might be a no-brainer considering how much more affordable the overall cost of living is.