Are there benefits to launching your business in West Philadelphia, PA?
West Philadelphia, Pennsylvania is a great place to launch a start-up business because it offers a lot of resources and an established local community that you can tap into. This means that you don’t have to start from scratch when it comes to finding potential employees, partners, or clients. However, there are also a number of challenges that come with WP. Some of these challenges include high crime rates, low property values, and a higher cost of living than the rest of the state. If you are considering opening a business in WP, you need to consider the pros and cons of this location so you can make the best decision for your business.
The City of Philadelphia is divided into four main sections – Center City, Northern Liberties, South Philly, and West Philadelphia. There are many benefits to launching a business in West Philadelphia, PA, including the following:
High crime rates – According to Crime in America 2018, the crime rate in West Philadelphia is about 1,400% higher than the national average. In 2018, the violent crime rate in WP was over 100% higher than the national average and the property crime rate was about 100% higher.
Low property values – The median home value in West Philadelphia is about $90,000 and the property tax rate is about 3.6% higher than the state average. These low values are a challenge when it comes to attracting investors or getting a loan.
Higher cost of living – The cost of living in WP is about 3.1% higher than the national average. The cost of living in WP is also about 7.4% higher than the cost of living in Philadelphia.
Local economy – Many of the businesses that are located in West Philadelphia are related to education. The top industries in WP include educational services, health care, and computer and electronic products.
The city of Philadelphia has the highest per capita income in the state. The city’s median household income was $43,839 in 2017 and the poverty rate was 11.7%. West Philadelphia has a lower per capita income than the rest of the city and the poverty rate was higher than the state average. The median household income in West Philadelphia was $36,531 and the poverty rate was 19.1%.
Starting your own business is a big undertaking. From planning your location to building a brand, there’s a lot to think about. One aspect of business planning that often gets overlooked is where you decide to locate your business.
When it comes to choosing a location for your business, there are a number of factors to consider, including the proximity to suppliers, employees, competition, and the local economy. But it’s important to think beyond these factors to determine whether West Philadelphia, PA is the right place to launch your business.
West Philadelphia is home to many of Philadelphia’s leading companies, including the PECO Building and Comcast headquarters. However, the city is also home to many smaller businesses, including startups. If you’re looking for a location that’s affordable, easy to get around, and provides access to resources, West Philadelphia is a great option.
