Why Is Philly Cheaper Than Other East Coast Cities? (Philadelphia: buy, school)

[2e1m5a]

Originally Posted by OleSchoolFool

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yep, nyc is expensive cuz of hype and status, not cuz of wealthy people here, there is not enuff housing and land to accommodate eryone who wants to live here
and i agree with the bolded, jus like nyc, dc and boston salaries are not high enuff for average person to compensate for the higher COL

Agreed. I went to school in NYC but didn't really want to live in Manhattan right after graduation like so many of my classmates did. I have friends that can only fit a bed in their quite literal bedroom, pay nearly $3000 per Month between two roommates and work nearly 70 Hours per week.

To me that is Hell on Earth, and I could never do it. But I also know people that've "made it", so for them it was all worth it.
I'm trying to make my Millions while living comfortably and cheaply in Philly. I own my home and pay less in my mortgage than I have ever paid in rent. I'll buy a place in Manhattan when I can afford it.

[BajanYankee]

Originally Posted by OleSchoolFool

u the one that started this issue

I never said anything about who's better off. That has nothing to do with the thread topic.

Originally Posted by OleSchoolFool

and u WERE tryin to say that philly jobs pay way less so thas y the appropriate cheaper COL

Yes, that is a big reason why Philadelphia is so much cheaper.

Originally Posted by OleSchoolFool

u were talkn bout 100% bonuses in nyc and tryin to justify the higher COL and u WERE tryin to say the higher salaries are high enuff to cover the COL in nyc, dc and boston, which they are not
and u keep tryin to say that good paying jobs make a place expensive, and the fact is that places like chicago and houston are less expensive than boston, while still have more wealth than boston so its not the main factor

Did I not already say that Boston and DC have not only strong economies, but a good deal of independent wealth? The cost of something--even something as banal as tickets to a basketball game--is a function of the price people are willing to pay for it. There's more money in those metro areas, period, and that's why things cost more.

[OleSchoolFool]

Originally Posted by 2e1m5a

Agreed. I went to school in NYC but didn't really want to live in Manhattan right after graduation like so many of my classmates did. I have friends that can only fit a bed in their quite literal bedroom, pay nearly $3000 per Month between two roommates and work nearly 70 Hours per week.

To me that is Hell on Earth, and I could never do it. But I also know people that've "made it", so for them it was all worth it.
I'm trying to make my Millions while living comfortably and cheaply in Philly. I own my home and pay less in my mortgage than I have ever paid in rent. I'll buy a place in Manhattan when I can afford it.

smart thinkin
and yea of course some people make it, but u gotta be realistic, its very hard, esp in this economy
id much rather not work 70 hrs a week and enjoy a cheaper middle class home than hoping ill make it and afford a 10 mil mansion some day while livin in a POS apt for yrs, that sh1t gets old quick
im thinkin bout movin to philly cuz its cheaper but now that i saw philly i think i jus like it more even if it wasnt cheaper, i jus dont like nyc that much apparently, been near it for 1.5 yrs and still cant get what's all the hype bout and ive been to many diff countries, nyc jus doesnt impress me that much, yea its cool and eryth, but not that cool to justify all the hype around it
cool and unique thing bout philly tho u almost get two cities at one, reasonable price tag so if u dont love nyc, but like visitin it some time, its cool, i jus drove to philly a few days ago from northern jers, took me 1hr 30 min, thats noth, thats like driving from upper manhattan to southern bk lol

[pman]

Originally Posted by BajanYankee

I never said anything about who's better off. That has nothing to do with the thread topic.



Yes, that is a big reason why Philadelphia is so much cheaper.



Did I not already say that Boston and DC have not only strong economies, but a good deal of independent wealth? The cost of something--even something as banal as tickets to a basketball game--is a function of the price people are willing to pay for it. There's more money in those metro areas, period, and that's why things cost more.

philly companies pay less because it costs less to live here. you are using demand driven explanations which completely ignore supply. look at DC, height restrictions reduce density in the core forcing it out into the suburbs which often fight it. even ny has significant nimbyism and an extremely high cost structure. boston is a bit more comparable to philly in the sense it's a slow growing, similarly sized place. everything in boston is more expensive and it's not because they get paid more. in fact, they get paid more because things are more expensive. high costs drove manufacturing out of new england BEFORE the depression. the city itself is more expensive mainly because they've done a better job keeping jobs inside city limits. of course, boston is also the capitol of the state.

[2e1m5a]

Originally Posted by OleSchoolFool

i jus drove to philly a few days ago from northern jers, took me 1hr 30 min, thats noth, thats like driving from upper manhattan to southern bk lol

I remember in College girls from out on Suffolk County Long Island would ask if I needed to "fly home to Philly".
In reality, it took them longer to drive or take the train home than it was for me, even though they considered themselves suburbs of NYC lol.

[BajanYankee]

Originally Posted by pman

philly companies pay less because it costs less to live here. you are using demand driven explanations which completely ignore supply. look at DC, height restrictions reduce density in the core forcing it out into the suburbs which often fight it. even ny has significant nimbyism and an extremely high cost structure. boston is a bit more comparable to philly in the sense it's a slow growing, similarly sized place. everything in boston is more expensive and it's not because they get paid more. in fact, they get paid more because things are more expensive. high costs drove manufacturing out of new england BEFORE the depression. the city itself is more expensive mainly because they've done a better job keeping jobs inside city limits. of course, boston is also the capitol of the state.

No, it costs less to live in Philadelphia because people there have less money. I mean, anyone who was born and raised in one of the cities and then lived for considerable periods of time in all of them (ahem, me) can attest to this. It's not just real estate that's more expensive, but movie tickets, restaurants, cars, etc. Philly is not attracting anywhere near the levels of wealth that DC is and anyone who believes otherwise is delusional.

[2e1m5a]

Originally Posted by pman

of course, boston is also the capitol of the state.

And a de facto capitol of a large region.

[rotodome]

Originally Posted by 2e1m5a

Well said and I agree, but I don't think this discussion should really be about NYC.
I think it should be comparing Philly, Boston, DC/Baltimore.

NYC is our London or Tokyo. It is where the most opportunity is and where the highest demand for real estate is.
It offers amenities and urbanity that cannot be duplicated anywhere in the country.

The COL there, while outrageous, makes complete sense.

DC and Boston do not offer more than Philadelphia (Unless you are in Government or Defense Contractor).
Even if they did, the Cost of Living is so much higher that the differences would have to be pretty gaping.
It is many people's opinion (including my own) that Philadelphia actually offers more.

Well...I didn't even mention NYC

I'm definitely not interested in any kind of "which city is betterr" argument, because I think they are silly. But I do think that people en masse aren't stupid, and likely have good reasons for living where they do, and paying what is costs to live there. I'm sure that to many people, DC and Boston do offer more that they want than Philadelphia. Sure, many people have moved to DC lately simply because they cannot live anywhere else with their particular careers, and it doesn't matter to them if they can't afford to buy a 2500 sf house there.
But I don't think it has to "make sense". And I don't think "amenities" are this easily quantifiable thing, because they are not the same thing to everyone.

You can't put a price on love. If the COL in Philly rises dramatically in the next 5 years, and it ceases to be a "bargain" (which very well could happen soon), are you going to look to pull up stakes and move to Cleveland? (Nothing against Cleveland, but for the sake of argument that's a place that is noted for having many amenities and cheap prices). I wouldn't.

Personally, if and when when I move back to Philly, it won't be for money, or amenities.

[OleSchoolFool]

Originally Posted by 2e1m5a

I remember in College kids out on Suffolk County Long Island would ask if I needed to "fly home to Philly".
In reality, it took them longer to drive or take the train home than it was for me, even though they considered themselves suburbs of NYC lol.

yea thats the thing, nyc has great things to do, but accessing them from the suburbs is so hard that many times i question whether its even worth goin to justify the hassle of jus gettin there and back

[OleSchoolFool]

Originally Posted by BajanYankee

No, it costs less to live in Philadelphia because people there have less money. I mean, anyone who was born and raised in one of the cities and then lived for considerable periods of time in all of them (ahem, me) can attest to this. It's not just real estate that's more expensive, but movie tickets, restaurants, cars, etc. Philly is not attracting anywhere near the levels of wealth that DC is and anyone who believes otherwise is delusional.

chicago got wealth, why is it way cheaper than DC then?