PhiladelphiaMoney Index August 2026
"Old money, new rhythm."
Philadelphia — Money Index — Key Facts
- 53% Own Their Home. Only 53% of Philadelphia households own — well below the US average of ~65%. Most residents are still renting.
- Happiness Score: 60/100. Residents rate life in Philadelphia a 60/100 — roughly the US average.
- 31-Minute Commute. Philadelphia's one-way commute averages 31 minutes — 4 minutes longer than the US average. That's ~238 hours a year stuck commuting.
- Median Household: $58k. Philadelphia households earn about $58k — roughly 23% below the US average.
- Financial Stress: 62/100. Money stress in Philadelphia sits at 62/100 — close to the national norm.
- Cost of Living: 101. Philadelphia's cost of living sits at 101 — basically the US baseline (100 = US average).
- Ranked #44 of 50. Philadelphia ranks #44 of 50 on the PickYourBank US City Money Index — a blend of savings rate, income, affordability, happiness and work-life balance.
- 9% Savings Rate. Philadelphia households save about 9% of income — close to the US average.
- Work-Life Balance: 53/100. Philadelphia scores 53/100 on work-life balance — average for a major US city.
- 14% of Land Is Parks. Roughly 14% of Philadelphia's land is parkland — about the big-city median.
Philly's blue-collar tradition meets a young professional boom — but a high city wage tax shapes every paycheck.
With a median household income of ~$58k, a 9% savings rate, and a cost-of-living index of 101, Philadelphia ranks #44 of 50 US cities in our overall money index.
Green space & commute
Two underrated money levers: how long you spend getting to work, and how much nature you can reach without paying for it.
About 14% of Philadelphia's land is parkland — roughly in line with the typical big US city.
- • Source: Trust for Public Land ParkScore
- • Parks lower stress and lift nearby property values
- • Free recreation = zero-cost lifestyle upgrade
Philadelphia's commute (~31 min one-way) is well above the US average of ~27 minutes. Long commutes quietly tax income, health and savings.
- • Source: US Census ACS mean one-way travel time
- • Owning a car runs ~$10k/year on average in the US
- • 10 fewer commute minutes/day ≈ 80 hours back per year
Typical Philadelphia household budget
Modeled split of $100 of after-tax income, scaled to Philadelphia's cost of living and savings rate.
How Philadelphia feels about money
Four Philadelphia money truths
Philadelphia's savings rate runs 9% — automate even one extra percentage point and you compound serious money over a decade.
Philadelphia runs above the US average, so price discipline matters more here than in most metros.
Owning unlocks fixed housing costs and equity. Renters here can still build wealth — just channel the difference into index funds and a high-yield savings account.
Pennsylvania residents in Philadelphia report a 60/100 happiness score with stress at 62/100 — money habits and lifestyle here track that mix closely.
"Philadelphia has one of the highest local wage taxes of any major US city."
Money lessons from Philadelphia
- 1
Always model your real, after-tax paycheck
- 2
Cheap row homes are a wealth shortcut
- 3
Don't ignore property taxes in your math
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Philadelphia money FAQ
Is Philadelphia, Pennsylvania a good city for saving money?+
Philadelphia households save about 9% of income, with a happiness score of 60/100 and a work-life balance score of 53/100. Philly's blue-collar tradition meets a young professional boom — but a high city wage tax shapes every paycheck.
What is the median household income in Philadelphia?+
The median household income in Philadelphia, Pennsylvania is roughly $58,000 per year. About 44% of households have a 3-month emergency fund.
How affordable is Philadelphia?+
Philadelphia's cost of living index sits at 101 (100 = US average). Homeownership stands at 53%.
How long is the average commute in Philadelphia?+
Philadelphia's commute (~31 min one-way) is well above the US average of ~27 minutes. Long commutes quietly tax income, health and savings.
How much urban green space does Philadelphia have?+
About 14% of Philadelphia's land is parkland — roughly in line with the typical big US city.
What money personality fits Philadelphia?+
The Pragmatist — Driven by math, not hype.
What's surprising about money in Philadelphia?+
Philadelphia has one of the highest local wage taxes of any major US city.
