What is the cost of living in Massachusetts?
The cost of living in Massachusetts is 35.3% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Massachusetts is $121,414 vs the national average for a family of four with two working parents of $89,744. The median income of a Massachusetts household is $84,385.
The average home price in Massachusetts is $398,800, which is higher than the US average home price of $229,800. Median rent in Massachusetts is $1,336/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.7 to 1. That means it takes roughly 4.7 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Massachusetts has a high cost of living compared to America as a whole.
People Also Ask About Massachusetts
Is Massachusetts a dangerous state?
No, Massachusetts is not a dangerous state as it ranks as the #9 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Massachusetts ranks 32nd most dangerous in the United States -- 16.49% better than US average violent crime rate. The property crime rate in the Bay State ranks 50th most dangerous in the United States -- 46.11% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Boston, MA a dangerous city?
No, Boston is not a dangerous city. Boston ranks as the #110 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Boston might be considered safe you still need to be aware of where you are. For example, West Roxbury is the safest in Boston, while Central is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Boston ranks 112th highest in America -- 11.83% worse than US average violent crime rate. The property crime rate in the ranks 243rd highest in the United States -- 33.96% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Massachusetts has the lowest cost of living?
The county in Massachusetts with the lowest cost of living is Hampden County. The average living wage in Hampden County is $106,670 according to MIT data. Hampden County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Massachusetts as a whole. Childcare costs $27,661 a year in Hampden County for two children compared to the Massachusetts average of $31,879. Housing costs, defined as a blend of the average rent and average mortgage payment, are $13,548 per year in Hampden County compared to $22,268 on average in Massachusetts.
What is the cheapest housing market in Massachusetts?
The cheapest housing market in Massachusetts is North Adams. The average home value in North Adams is $149,300, the lowest in the state. The average home value in Massachusetts is $398,800, almost 2.7 times higher than North Adams.