What is the Cost of Living in Pennsylvania?
Pennsylvania is a leader in stimulating unique communities and innovative businesses. It’s also one of the less expensive places to live on the East Coast. Whether you love the urban spirit of a big city, you’re looking for a vibrant emerging community, or you’re a fan of rural life, there’s a home for you in Pennsylvania.
What Is The Cost of Living in Pennsylvania?
In addition to a diverse combination of communities, Pennsylvania also offers an affordable place to put down roots, build a business, and raise a family.
Living in Pennsylvania is less expensive than in the U.S. as a whole. According to the Bureau of Economic Analysis, goods and services in the state cost 2.5% less than they do on average nationwide. For example, housing is one of the largest components of cost of living. In Pennsylvania, the typical home is worth $174,100, $30,800 less than the national median home value of $204,900. Across the state, the median price of a home built in 2014 or later is $341,400.
Transportation is also a significant component of cost of living. In Pennsylvania, 84.6% of commuters drive to work. Taking into account fuel economy and the cost of gas, the average motorist can expect to spend $824 on gas alone in a year. Other transportation costs, like car insurance premiums, can vary. In Pennsylvania, the average car insurance premium is $1,928, more than the $1,517 national average.
Food has a significant impact on the overall cost of living, too. In Pennsylvania, costs are on par with the national average. A single adult in PA spends an average of $3,223 on food annually, compared to the national average of $3,240. A family of four spends $9,308 on average, compared to the national average of $9,354.
Excluding federal taxes, and incorporating state and local taxes such as property and sales taxes, the tax burden in Pennsylvania is in line with the average across the U.S. as a whole. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll, the average adult working in Pennsylvania pays $6,109 annually in taxes, slightly below the national average of $6,542. Per capita state tax collections in Pennsylvania come out to $3,179 per year, compared to the $3,151 average across all states.
The Cost of Living in Bucks County, PA
Just as the cost of living varies from state to state, it also varies from place to place within states. For example, Bucks County is one of the more expensive places to live in Pennsylvania, per the Economic Policy Institute. According to its 2018 family budget calculator that estimates how costly it is to live in America, a family of two adults and two children in Bucks County needs to earn a combined $99,846 per year to live comfortably. That budget is higher than the average across the Philadelphia metro area, where the same sized family would need to earn $92,163 to attain a modest standard of living.
Some of The Best Reasons to Be Living in Bucks County, PA
While it may be on the higher-priced side of the spectrum, Bucks County is also one of the most beautiful areas in southeastern Pennsylvania. Steeped in history and nestled amid lush landscapes, it is located just 25 miles north of Philadelphia, but a world away from the hustle and bustle of the city. Residents enjoy a slower pace of life, with quaint towns, interesting museums, plenty of open space, and four colorful seasons.
Here are a few of the big reasons why people love living in Bucks County, and why it’s a fantastic place to consider buying a new DeLuca home:
Central location. If you have family in Philly or Jersey and do business in New York, or vice versa, Bucks County is the perfect home base. I-95 and I-195 offer easy access to all parts of the Tri-State area, while Washington D.C. is just a couple of hours away. When you need to go farther, the Trenton-Mercer Airport and Philadelphia International Airport are nearby.
Top quality education. Bucks County is home to excellent public schools, with the vast majority of the 13 school districts earning an above average rating for the 2019-2020 school year. There are also a plethora of private primary schools and excellent colleges, universities, and institutions of higher learning in the area.
Strong job market. Whether you work in health care, manufacturing, finance, education, or any of the strong job sectors in the area, well-paying job opportunities abound in and around Bucks County. PA has the sixth largest GDP in America. The state is home to 22 Fortune 500 companies and has also seen a groundswell of tech startup activity.
Historic landmarks. For history buffs, Bucks County offers myriad attractions. In fact, when it comes to American history, it is quite a hot spot! The site of one of the most famous events of the Revolutionary War, Washington Crossing Historic Park is where George Washington led his troops across the Delaware River. Pennsbury Manor in Morrisville was the summer home of the state’s founder, William Penn.
Living in Bucks County, PA, offers the convenience and opportunities of the big city, but without the headaches. You’ll love coming home to an idyllic enclave where you can explore one of the most fascinating corners of the United States, or stay home and enjoy your piece of heaven.
You’ll Love Living in Bucks County, PA
Pennsylvania is a vibrant and affordable place to live. If you’re interested in living in Bucks County, we’d love to show you our new homes at Yardley Preserve, a 55+ luxury lifestyle community in Yardley, PA, or The Reserve at Manor Lane, a peaceful, private townhome community in Yardley, PA.
For more information on our low-maintenance, single-family homes and townhomes, please contact us at 215-860-6500 or schedule a personal tour.