Cost of Living- What is it and why should I care ? [Infographic]
While we know there are many benefits to operating a business in Northeastern Pennsylvania, one thing makes our region especially appealing- our extremely low cost of living. While nearby cities have soaring property costs, expensive utilities and unaffordable amenities, Northeastern Pennsylvania remains one of the most affordable areas in the Northeast and Atlantic regions.
When you look at the cost of living for an area, you're looking at your financial plan if you decide to live there. You have to calculate if the salary you make will give you the type of lifestyle you wish to have. Often, the trade for high costs of living is that many of the amenties you'd need are close by.
Typically, cost of living scores are ranked with an average of 100. This means they believe a region that scores 100 has what is considered the average cost of living. Most main cities close to Northeastern Pennsylvania- New York, Philadelphia, Baltimore- have a cost of living score far past 100. For example, the cost of living score for New York City is 168, 68 points over the average cost, making it more expensive to live in New York City than it costs to live in the average American area. The cost of living index in many cities of Northeastern Pennsylvania is around 88, meaning our region has a cost of living lower than the national average.
When you take into account that our region, which is lower than the national average, is located within driving distance to at least 6 of the largest cities in the United States, and subsequently most of the population, that statistic is pretty astounding. Many other locations in such close to proximity to even one main metro area have cost of living scores well over the 100 national average.
When you compare the Stroudsburg area, which is about a little over an hour outside of the center of New York City, to Westbury New York, you’d be astounded at the price savings Westbury is also around an hour away from New York City on Long Island. According to areavibes.com, it’s 51.3% more expensive to live there in comparison to The Penn’s Northeast region.
If you were to look at the cost of living for many other areas the same distance from a main city, you’d see a similar pattern. Typically, the closer to the large city you are, the more you’ll pay in housing, transportation and business costs. However, it’s clear to see the cost of living in Northeastern Pennsylvania is just another benefit to living in the region.
For more information on our Northeastern Pennsylvania’s location, download our latest whitepaper.
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