In what’s news to no one, rents have increased in Philadelphia, according to latest numbers. But so have median incomes.
Rents in Philly jumped 4 percent from 2014 to 2015, according to the U.S. Census Bureau, which recently released a bunch of new data, including results from its 2015 American Community Survey. And because one needs money to pay rent, it’s good to know that median incomes in Philadelphia rose by 3.6 percent in that same year.
However, the national overall fared a bit better than Philly, experiencing a 4.1 percent renter income increase and a 2.6 percent median rent hike.
Apartment List gathered all of the renter data and found that the median rent in Philly rose from $1,021 for a 1-bedroom in 2014 to $1,062 the next year. Median incomes increased from $35,779 to $37,058.
(It should be noted that Philadelphia Inquirer’s report placed the 2015 median income at $41,233—that’s the figure adjusted for inflation.)
Rent too damn high for you? To get the most bang for buck, look to Cleveland. Rents there fell slightly by 0.9 percent, while incomes grew a whopping 9.4 percent.