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The Cost of Living in Boston vs. Other Cities

Are you planning on moving to Boston? Here is a detailed comparison of why Boston is better than NYC. 

In Boston, you will spend $6,814.66 to maintain a similar lifestyle of $8,400.00 in New York. You will save $1,585.34 when you live in Boston than in NYC. Just imagine where else you can use the money you saved. 

Here are more comparisons:

  • Boston has 14.88% lower consumer prices than in New York (without rent)
  • The consumer prices, including rent, are 18.87% lower than it is in New York
  • Rents in Boston are 23.29% less expensive than in New York.
  • The cost of dining in Boston is 7.32% less than in New York.
  • Groceries in Boston are 16.17% less than in New York. 
Living in Boston is Less Expensive

Although living in Boston is less expensive than living in NYC, it is still pretty costly. However, the good side to this is that it is now ranked #121 on the list of the greatest places to live globally, putting it among the top 2% of cities worldwide. It’s also the 39th best city in the US to live in, beating out significant destinations like Los Angeles, New Orleans, Virginia Beach, and even Honolulu.

One more good thing about Bostons is that 22% of its residents have earned a master’s degree or above. It’s also a market with many job openings, especially in traditionally high-paying fields like banking, technology, and medical. As a result, the average annual wage in Boston is $77,000. This is even greater than New York City and second only to San Francisco on a domestic level.

The bottom line is Boston is better than NYC because of its less high cost of living. When it comes to other benefits like job opportunities, education, entertainment, and more, they rank the same. 

Boston Cost of Living

Boston Cost of Living

The average monthly cost of living in Boston is $2,899 for an individual. This puts it in the top 1% of the world’s most expensive cities. It’s also the 26th most costly city in the United States (from 2,202) and the 31st most expensive city on the planet (out of 9,294).

The cost of living in Boston is generally between 48% and 62% more than the national average. There is little arguing that Boston is a prohibitively expensive city, whatever the actual figure is. 

Here is an overview of some of the essential expenses in Boston:

Housing

The housing market in Boston is around 300% higher than the national average. Boston’s median home price is $717,943. At $2,249 a month, the median monthly rent isn’t much cheaper. Compared to the average monthly wage of $5,045 (after taxes).

Housing Market in Boston

Healthcare

Boston’s healthcare costs are on average 36% more than the national average.

  • $149.68 for a doctor’s visit
  • $596.23 for prescription drugs

Final Thoughts

Boston is a great place, rich in opportunities, and just beautiful. The cost of living justifies the quality of life you’ll live in the place. Comfortable and better than most cities in the state- even in the world. 

If you are looking for a home, a condo, a property in Boston, I’m here to make it easier and smoother for you. Contact me today, and we’ll start your home hunting journey in the beautiful city of Boston. 

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