One of the best places to visit in the US, for its heritage, Philadelphia is also the millennials' preferred place to live because of affordable housing. The city is the seventh largest metropolitan area in the US boasting a great environment for medical start-ups, top universities and a developed legal services sector. It enjoys, however, lower wealth rates than Washington, Boston and New York, all located in one of the world's most developed urban corridors (in the northeast of the US).
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Philadelphia enjoyed a 15% labour productivity advantage over the rest of the US in 2016. The city benefits from its location close to Washington, Boston and New York (boasting 10%, 12% and 19% higher productivities compared to Philadelphia, respectively).
The labour productivity advantage was the main reason for Philadelphian households gaining, on average, 20% greater disposable incomes than their counterparts elsewhere in the country in 2016. A higher labour participation rate (76% of the 15-64-year-old population, versus 74% in the rest of the US) also contributed to this effect in 2016.
Consumer expenditure per household (excluding housing and transport) in the city was 18% higher than in the rest of the country in 2016. Philadelphia compares poorly with average household spending in other northeastern neighbours, Boston (which boasted 11% higher expenditure in 2016), New York (+9.4%) or Washington (+3.9%), mainly due to its inferior household incomes.
Consumer expenditure on transport and housing per household in the city was only 5.6% above the figure in other parts of the US in 2016, making the city relatively affordable compared to other metropolises. Lower per household housing expenditure (1% lower than elsewhere in the US in 2016) is the primary reason for this. Meanwhile, higher car possession rates resulted in 19% higher transport expenditures in 2016, compared to other parts of the US.