PHILADELPHIA (CBS) – A new study finds that residents get more bang for the bucks living in the City of Brotherly Love.
SmartAsset released a new study that measures the “livability” of American cities. This study measures livability by home value per square foot based on how desirable the city is. The metrics include crime, unemployment, weather, high school graduation rates, and walkability to determine which cities provide the most overall livability for the cost of living there.
Philadelphia scored second best overall livability, receiving a 79 out of 100 for walkability, which was sixth best in the study.
Philly is not only conveniently walkable, it’s also one of the most fun cities to live in the U.S. This study shows that nearly 14 percent of establishments in the city are entertainment or dining, which is the fourth-highest concentration in the study.
Philadelphia not only scores high in overall livability, its real estate is also undervalued. The average home in Philadelphia is worth about $105 per square foot, but this model suggests that homes should be worth $266 per square foot based on livability, making the real estate undervalued by $161.
The study found that Pittsburgh was the most undervalued city in the U.S.