Economy

Philadelphia, One Of America's Most Expensive Cities, Hosts Democratic National Convention

Douglas A. McIntyre

Published: July 24, 2016 9:26 am

Last Updated: January 13, 2020 5:23 am

Philadelphia, home of the Democratic National Convention, is one of the most expensive cities in America, has a median household income of $62,171, a poverty rate of 13.4%, and a cost of living which is 7.2% more expensive than the national average.

These numbers area according to the 24/7 Wall St. “The Most Expensive City in Each State” study,

“The average American household spends $53,495 each year on food, clothing, shelter, entertainment, and other expenses. To put that in perspective, the typical U.S. household income is $53,576. These costs usually rise over time with inflation. The costs also vary significantly depending on where in the country a family lives.

Based on cost of living data recently released by the Bureau of Economic Analysis, 24/7 Wall St. reviewed the most expensive cities in every state. In Honolulu, Hawaii, prices of goods and services are 23.5% greater than the national average, with prices in the San Jose, California and New York City, New York areas following nearly as high. By contrast, the cost of living is 20.3% less than the national average in Beckley, West Virginia.

To identify the most expensive cities in every state, 24/7 Wall St. reviewed 2014 regional price parities, or cost of living, in each of the nation’s 381 metropolitan statistical areas. RPPs are calculated by the Bureau of Economic Analysis using price quotes for a wide range of items from the Consumer Price Index, as well as rent costs from the Census Bureau’s American Community Survey. The cost of living for states also came from the BEA. Poverty rates and median household income for each MSA came from the U.S. Census Bureau’s American Community Survey.”

And, for the most expensive city in Pennsylvania:

Philadelphia-Camden-Wilmington, Pennsylvania
> Cost of living compared to nation: 7.2% more expensive
> State cost of living compared to nation: 1.8% less expensive (19th highest)
> Poverty rate: 13.4%
> Median household income: $62,171

For the full list of “The Most Expensive City in Each State” visit here.