According to Expatistan.com, Philadelphia, Pa., is the 13th most expensive city to live in in North America and 31st most expensive city in the world.
Can or should students coming right out of college move into the city? It depends. Costs are typically very high but with a stable job and decent budgeting, city living is quite possible for many.
According to Mike Fabrizio, a real estate agent who primarily sells properties in the city, “Monthly costs for housing or apartment rentals all depend on which section of the city you desire to live,” Fabrizio said. “Prices can range from around $1000 all the way up to ‘the sky’s the limit.’”
Joey Rettino, graduate of the Cabrini College class of 2016, decided to move into the city after his college career.
“I chose to live in Philly because I got a job in the city and I couldn’t commute from my parents’ house back in Jersey,” Rettino said.
Rettino lives in the West Philadelphia, University City area.
“I can afford the place I’m living because it’s pretty cheap,” he said. “It is really tiny and it’s a rickety building. I also have to deal with the occasional mouse and (even more occasional) roach, but it is not a bad place.”
Making sure to budget wisely is important when choosing to live on your own. There are a lot of bills that come with renting or owning a house or apartment.
“It is an adjustment to make sure that the electric and cable get paid on time,” Rettino said. “You have to make sure to not blow money just because you have it and it’s not hard to do, it’s just an adjustment.”
Another option to cut down on costs can be the option of finding a roommate or two.
Fabrizio notes that living expenses can be split among the group, which is a huge help. “Having roommates may not always be the most desirable option, but it does help with lowering monthly payments,” he said.
Beside housing costs, extra spending can add up fairly quickly when living in the city.
A basic lunchtime menu (including a drink) in the business district of Philadelphia typically costs around $15.
For some recent graduates, the cost of city living is just not feasible especially when student debt is a factor.
Jill Nawoyski, Cabrini University class of 2017, has landed a job at Aberdeen Asset Management located in the heart of center city Philadelphia after she spent the summer of 2016 as an intern there.
Nawoyski looked at her options of either moving into the city right around the corner from where her job will be or commuting from her home back in New Jersey.
“My commute to work in the city typically takes me about an hour,” Nawoyski said. “The closest train station to my house is a half hour away and then the train ride into the city takes about 20 minutes. From there, I have a five block walk to my office.”
Although her current commute is quite lengthy, Nawoyski ultimately decided that her best option would be to forego living in the city for now because of the high cost it would come with.
“Some of my friends are living in the city after they graduate and it was really hard to say no when they asked me to live with them,” she said. “I know it would have been fun, but I need to be financially smart for at least a few years post college.”
Nawoyski plans on starting her job and working to save up money for the time being.
Although costs tend to be high, a lot of graduates will still choose to live in the city because it is an experience that many find to be extra rewarding.
According to Campusphilly.org, 79 percent of recent graduates are employed and 64 percent of students choose to live in the Philadelphia region post graduation.
Fabrizio highly recommends that any young professional who obtains a job in Philadelphia and is making a decent salary take advantage of the opportunity to live in the city.
“It will cut back dramatically on commute time and travel expenses,” Fabrizio said. “Working and living in the same area will also add to your overall work ethic and productivity at your job thus further advancing your career right from the start.”
Living in the city also allows young professionals to participate in more center city after-hour work functions, which can benefit their networking abilities Fabrizio said.
Rettino’s final advice, if you land a job far from your parents, move out to where the job is. Don’t miss an exciting opportunity because of the ‘unsure,’ he said. “I cannot express how wrong any negative stigmas about Philly are. The city is young, there’s great nightlife, it’s very diverse and liberal. Living in the city is a great experience.”
