Boston is an incredible city. It’s famous for a great deal of things. However, it is also known to be pricey. First and foremost, it’s costly to live in the northeast in general. In fact, living in Boston is a lot higher than the national average. That means things such as housing and entertainment are more expensive than in most other cities. However, you do get what you pay for, so to speak. Although living is Boston is going to come at a premium, it’s well worth the price of admission. So, why is Boston so expensive? It’s actually based on supply and demand. There is a great deal of people who want to live in Boston.
However, there are not enough units to house everyone. So, why is Beantown such a desirable city? First of all, Boston is an absolutely beautiful city. The weather is perfect for people who enjoy the change of seasons. Boston is also chock full of history. It is the place where the American Revolution first began. There are many amazing entertainment options including wonderful bars, restaurants, museums, and shows to choose from. The city is also home to numerous higher education institutions.
Boston is also one of the fastest growing job markets in the country according to a recent study by Glassdoor. Many of these employment opportunities are in the fields of finance, medicine, and technology. Those are all typically high paying jobs. So, how do these factors affect you from a financial standpoint? Let’s find out.
The Cost-Of-Living
Why is Boston so expensive? It’s due to the consumer price index. The average cost for one person to live in Boston is $2,899 per month according to LivingCost.org. The number increases to $5,962 per month for a family of four. That means Boston is in the top 1% of most expensive cities on the planet. The cost of living in Boston is over 50% higher when measured against the national average. Living in Boston is expensive. However, it is well worth it. There are so many places to see and things to do in…