Savings rate in Philadelphia — are you on track?
Philadelphia is a high cost city. Philadelphia median rent is around $1,700/month, making it one of the more affordable major north-east cities. Philadelphia earners at mid-income levels benefit from lower housing costs than nearby New York or Boston.
Median rent
$1,700/mo
Philadelphia 2023
Typical other costs
$1,700/mo
excl. housing
Savings benchmark
7–20%
mid-income USD
Monthly budget snapshot — Philadelphia
Pre-set for Philadelphia — adjust to your situation
What a good savings rate looks like in Philadelphia
Using data from BLS Consumer Expenditure Survey 2023, people at mid-range incomes in United States typically save between 7–20% of gross income. In a high cost city like Philadelphia, housing costs can compress that meaningfully — especially for renters.
Source: BLS Consumer Expenditure Survey 2023. Benchmarks shown for mid-income earners in United States.
Frequently asked questions — Philadelphia
What savings rate is considered good in Philadelphia?+
In Philadelphia, a savings rate of 12% of gross income is the expected benchmark for mid-income earners in United States. A rate below 7% is considered a minimum floor — anything less means you are not building meaningful financial resilience. Reaching 26% or above puts you in a strong position relative to others at your income level.
How much does rent cost in Philadelphia?+
The median rent in Philadelphia is around $1,700 per month. Philadelphia median rent is around $1,700/month, making it one of the more affordable major north-east cities. This makes rent one of the biggest factors in your ability to save — especially for renters, who typically face higher housing cost burdens than homeowners with fixed mortgages.
What does a typical monthly budget look like in Philadelphia?+
A typical budget in Philadelphia includes approximately $1,700/month for rent and $1,700/month for other living expenses, for a combined $3,400/month in core costs. Philadelphia earners at mid-income levels benefit from lower housing costs than nearby New York or Boston. Any income above this baseline is what is available for saving or investing.
Can you build wealth while living in Philadelphia?+
Yes — but it requires a savings rate in the 7–20% range to match the benchmark for United States. Philadelphia is a high cost city, so housing and living costs are significant and require careful budgeting to reach the savings benchmark. Philadelphia earners at mid-income levels benefit from lower housing costs than nearby New York or Boston.
How is the savings benchmark in Philadelphia calculated?+
The benchmark is derived from BLS Consumer Expenditure Survey 2023, the official national household expenditure survey for United States. Savings rates are calculated by income band — so the expected rate adjusts based on what you earn, not a single national average. This makes the benchmark more relevant to your actual financial position in Philadelphia.
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