A new report reveals that the median rent in Philly has grown at triple the rate as median household incomes since 1960.
Using U.S. Census Data from 1960 to 2014, Apartment List found that the median rent in Philadelphia has increased by 64 percent since 1960. Household incomes, meanwhile, have increased just 18 percent.
Those numbers are pretty much exactly on par with the rest of the country, where rents have risen by 64 percent and household incomes have only increased by 19 percent.
"Looks like Philly, like many other cities, was hit pretty badly in the decade of 2000-2010, although things have recovered a bit since," says Andrew Woo, director of data science and growth at Apartment List.
Philly households suffered a hit during that decade, with incomes falling 9 percent from $56,979 in 2000 to $52,862 in 2010. Meanwhile, median rent continued to increase, from $828/month in 2000 to $928/month in 2010.
As of 2014, both rent and median incomes have remained steady, though there’s still a 46 percent disparity.
- How have rents changed since 1960? [Apartment List]
- Here’s the median rent for a 1BD in Philly right now [Curbed Philly]
- Is rent too damn high in Philadelphia? [Curbed Philly]