Boston is a city filled with education, culture, and much more, so yes, it is an expensive place to live. According to Investopedia research, Boston is ranked 4th place in the top 10 priciest cities of the United States. So what exactly makes Boston an expensive city to live in and how much money do you need to make to live comfortably? Keep reading to find out!
Boston is well known for its education system, especially world-class universities like Harvard University and Massachusetts Institute of Technology. Over 68,000 international students come across the globe to study in Boston each year, and that number has increased tremendously over the past couple of years. Boston is also the best city in the United States for startups and job opportunities. For these reason, people will keep coming to Boston to work and study, making housing expensive.
Depending on the supply and demand of the rental market, it is no surprise that Boston’s rental market is one of the priciest in the United States. The housing expenses in Boston are 107% higher compared to the national average. Here are some current housing prices in Boston:
A studio’s monthly rent on average in Boston is $1,720.
A one-bedroom apartment’s monthly rent on average in Boston is $2,024.
A two-bedroom apartment’s monthly rent on average in Boston is $2,512.
Pricing can be different depending on the neighborhood. For example, neighborhoods in proximity to universities such as Cambridge, Back Bay usually have the average rent higher than other neighborhoods like Dorchester, East Boston, and Roxbury.
According to Payscale.com, the average cost of living in Boston is 48% higher compared to the national average.
To be more specific, here are the average costs of living you should expect when moving to Boston:
The median utility is $236.57/month.
The median phone bill is $252.17/month.
For one person, the budget for food in Boston should be around $349/month.
If you own a car, it is important to know the price of parking and insurance in Boston:
Metered parking costs from $2 to $3.75 per car per hour.
Monthly garage parking costs from $135 to $530/month.
Car insurance in Boston is $859/year, cheaper than the national average at $1,427 a year.
Asking for a residential permit is one way to save money since these permits allow you to park for free all around Boston!
How much income do you need to live in Boston?
To live comfortably in Boston it is recommended you have enough money for rent and other fees. Based on a two-bedroom situation priced at $2,900/month, the salary you need to secure your comfortable living is $80,000 a year.
How to scale down the cost of living in Boston?
One efficient way to scale down the cost of living is to find an affordable apartment, which has been much easier in the pandemic. However, as cities begin to reopen rent prices are becoming higher. To combat the high costs of living, we created Nobee. At Nobee, you can find top apartments in Boston and save money on broker fees.
Moving to this beautiful city soon? Check out the rest of our blog posts for more information about Boston!