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PHILADELPHIA – Living in a major city comes with its added expenses, but a new study shows those costs are quickly increasing.
By the numbers:
Philadelphia is the seventh city in the U.S. where the cost of living has risen the most, according to a study by Plasma One.
The city’s Consumer Price Index rose by 3.9% last year, which the report says is contributing to a “mounting affordability gap.”
Although residents are earning an average of $4,309 each month, rent for a one‑bedroom apartment in the city center averages $1,890 a month, and essential monthly living costs amount to a monthly average of $1,399.
And it seems the city’s concern is also increasing with nearly 8,000 “cost-of-living” related searches made each month in Philadelphia.
Big picture view:
Several cities ranked above Philadelphia on the list, including New York City, which was named the U.S. city with the highest cost-of-living increase. It also ranked as the No. 1 city for “cost-of-living anxiety,” with more than 26,100 related monthly searches.
San Diego, San Francisco, Los Angeles and Seattle rounded out the Top 5, with Boston coming in sixth, just above Philadelphia.
Dig deeper:
To find the top 20 U.S. cities where the cost of living is rising the most, Plasma One analyzed several factors, including consumer price index, average housing costs, monthly salary, monthly costs, such as groceries, utilities, transportation, clothing, sports and leisure, and childcare, and search trends for “cost of living.”
The Source: Information from this article was provided by Plasma One.