Why is Boston so expensive to live in?

1. Lack Of Housing. Boston has more people who need housing than housing solutions, meaning there’s a large demand for housing with only so many available homes. Between 2010 and 2020, Boston’s population increased by 58,000 people.

Why is rent in Massachusetts so high?

It has to do with supply and demand as well as the cost of living in the area. The more people who want something and the less available cause prices to go up. Additionally, the median income in the Massachusetts is fairly high meaning people’s earning potential is much higher which adds to its desirablity.

Are rents going up in Boston?

Over the last month alone, the average rent for a studio apartment in Boston increased by 1 percent to $1,825, while the average rent for a 1-bedroom apartment increased by 5 percent to $2,300, and the average rent for a 2-bedroom apartment increased by 2 percent to $2,700.

Is Boston more expensive than Los Angeles?

Los Angeles is 6.7\% more expensive than Boston. Los Angeles housing costs are 14.4\% more expensive than Boston housing costs.

Is Boston overpriced?

Living in the Hub is not cheap—Boston is among the most expensive cities in the US. According to Numbeo’s cost of living index, which factors the cost of consumer goods prices, including groceries, restaurants, transportation, and utilities, Boston’s steep price point earns it a score of 88.27 out of 100 in July 2020.

Is Boston more expensive than New York?

The cost of living in New York, NY is 19.5\% higher than in Boston, MA. You would have to earn a salary of $71,695 to maintain your current standard of living. Employers in New York, NY typically pay 6.8\% more than employeers in Boston, MA.

Why are apartments so expensive in Massachusetts?

Consistently High Demand Boston is a popular city, and more and more people want to live there. Given the high demand and low supply, apartments can be hard to come by in Boston. That’s another factor why apartments are so expensive in Boston.

How much can you raise rent in Boston?

For example, it is illegal for a landlord to reduce the rent by 10\% if the rent is paid within the first five days of the month. Rent Increases: There is no legal limit to the amount of rent a landlord can charge.

What is a good salary in Boston?

If you’re moving to Boston, you should have a household income of $120,900. Of course, this figure can scale up or down depending on the number of bedrooms you need. Once again, the $120,900 income figure is based on a 2-bedroom apartment with a monthly rent of $2,900 per month.

Is Boston or NYC more expensive?

What is a livable salary in Boston?

Living Wage Calculation for Boston-Cambridge-Newton, MA

	1 ADULT	2 ADULTS (BOTH WORKING)
	0 Children	3 Children
Living Wage	$19.17	$33.19
Poverty Wage	$6.13	$7.38
Minimum Wage	$12.75	$12.75