Boston is a historic American landmark that is stunningly beautiful with its cobblestone streets and charming neighborhoods. It is home to prestigious educational institutions such as Harvard University, MIT, Berklee College of Music, Tufts University, and Boston College. A city with passionate fans, iconic local dishes, and a thriving economy.
With such vibrant neighborhoods that offer a great deal of diversity, culture, and history, Boston is the home of choice for many, making it the most populist city in Massachusetts and one of the largest in America.
How Much Does it Cost to Live In Boston?
The average standard cost of living in Boston depends on the living situation. If you are single with no dependents, then the average monthly cost of living is $1,166.77 without rent. The average monthly cost of living for a family of four is $4,191.55 without rent. Comparatively, the average monthly salary in Boston is $5,045 post taxes.
Cost of Rent in Boston
On top of the standard cost of living, people thinking about moving to Boston also need to consider rent prices. Below are Boston rent averages based on the number of rooms in the home.
Studio Apartment Rent Prices in Boston
The average rent for a studio apartment is $2,000, which is a 14% increase from 2021.
1 Bedroom Rent Prices in Boston
The average rent for a one-bedroom apartment is $2,550, which is a 21% increase from 2021.
2 Bedroom Rent Prices in Boston
The average rent for a two-bedroom apartment is $2,995, which is a 15% increase from 2021.
3 Bedroom Rent Prices in Boston
The average rent for a three-bedroom apartment is $3,300, which is a 10% increase from 2021.
4 Bedroom Rent Prices in Boston
The average rent for a four-bedroom apartment is $4,200, which is an 11% increase from 2021.
Additional Cost of Living In Boston Data
Boston is considered one of the more prestigious and, therefore, expensive places to live in America, with a standard cost of living that is 51% higher than the national average. The city ranks 2nd in terms of highest prices compared to other cities in New England, following only behind Stamford, Connecticut. In addition, the housing index level is 40.1 percent higher than the national average.
While living in Boston is expensive, it is essential to note that the quality of life is superb and much higher than the national average. There is never a lack of activities, new restaurants to try, or neighborhoods to explore.
Cost of Living in Boston: Estimated Monthly Costs
According to the last census, the median household annual income in Boston was $71,115, about $12,000 higher than the national average.
If you live in an average-sized apartment, the cost of utilities (heat, gas, electricity, hot water) for a single person will be around $170 per month. Living near a subway or in the city center, the cost of transport is estimated to be about $90 for a monthly LinkPass. One-way tickets range between $1.70 and $13.50, depending on the distance.
Considered one of the most walkable cities in America, many of these transportation expenses can be reduced by using bicycles or renting/buying an electric moped.
It is possible to eat healthy and nutritious meals at around $200 per week for groceries. However, eating out at one of Boston’s many fine-dining spots can be more expensive, with the costs of a meal at an average restaurant being between $20-50 dollars per person, depending on the location.
Job Availability and Average Salary in Boston
The highest paying jobs in Boston are found in the law, finance, and information technology sectors. The most common occupations are government services, professional and business services, health care, educational services, accommodation, and food services. According to the BLS, Boston workers can earn an average of $35.50 per hour, which is 31% higher than the national average.
While the cost of living in Boston is relatively high, it also has one of the best household incomes in the United States. Residents also have access to some of the best colleges and universities globally, with plenty of opportunities for students to make money while studying. It’s also worth noting that the city boasts a thriving tech and startup scene.
Cost of Living in Greater Boston & The Suburbs
Boston is a great city to live in, but there are also many great options for young professionals or families looking to buy a suburban home with a yard. In addition, there are plenty of suburbs around Boston that are perfect for those looking to relocate out of the city.
Affordable Boston Suburbs
Some of the more affordable Boston suburbs include:
- Malden - average monthly rent on a one-bedroom apartment is $1,700; the median home price is in the range of $660,000 to $700,000.
- Winthrop - average monthly rent on a one-bedroom apartment is $1,750; the median home price is in the range of $650,000 to $700,000.
- Revere - average monthly rent on a one-bedroom apartment is $2,250; the median home price is in the range of $500,000 to $600,000.
- Danvers - average monthly rent on a one-bedroom apartment is $1,475; the median home price is in the range of $500,000 to $650,000.
- Stoneham - average monthly rent on a one-bedroom apartment is $1,600; the median home price is in the range of $600,000 to $720,000.
The Quality of Life Balances Out the Cost Of Living in Boston
Living in Boston can be expensive, but it is important to keep in mind that the cost balances out with the quality of life along with salaries being considerably higher than the national average. There are also several affordable Boston suburbs for those looking to move outside the city.
Beyond rent, there are many factors to consider that could impact the cost of living in Boston, but speaking directly with a professional real estate agent can help you better understand expected costs and budgets depending on the neighborhood you’re looking to move to.
If you’re looking to move to Boston, let GenTeam Property Group help you find the perfect home. We have a wide variety of properties available in the Greater Boston area, and our team of experts can help you find the right one for your needs. Contact us today to get started!