Cost of Living: New York, NY vs Philadelphia, PA
A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between New York, NY and Philadelphia, PA.
New York
NY
Population: 8,258,035
Philadelphia
PA
Population: 1,576,251
Cost of Living Index Comparison
National average = 100. Higher values indicate a more expensive area.
Side-by-Side Comparison
| Metric | New York, NY | Philadelphia, PA | Difference |
|---|---|---|---|
| Cost of Living Index | 150 | 100 | +50.0% |
| Median Home Price | $680,000 | $260,000 | +161.5% |
| Property Tax Rate | 0.88% | 1.36% | -35.3% |
| Median Household Income | $74,694 | $52,649 | +41.9% |
| Population | 8,258,035 | 1,576,251 | +423.9% |
Cost of Living Breakdown
Philadelphia, PA is 50.0% cheaper to live in than New York, NY, based on the overall cost of living index.
Home Price Difference
$420,000
Philadelphia, PA is cheaper by 161.5%
Income Difference
$22,045
New York, NY earns more by 41.9%
Housing Affordability
Price-to-income ratio: median home price divided by median household income. A lower ratio indicates more affordable housing.
New York, NY
9.1x
$680,000 / $74,694
Philadelphia, PA
4.9x
$260,000 / $52,649
The Bottom Line
Overall, Philadelphia, PA is the more affordable city to live in. With a cost of living index of 100 compared to 150, a median home price of $260,000, and a price-to-income ratio of 4.9x, Philadelphia, PA offers better value for residents looking to stretch their dollar further. However, the median household income in New York, NY ($74,694) is higher, which may offset some of the cost differences.