Over the past year, there has been a large increase in the average rental prices of Boston apartments. Rising inflation and a looming recession have worsened the affordability problem for renters and property owners alike- costs for property maintenance keep going up. There has been a 14.25% increase in the average rent of studio apartments and a 15.18% increase for 1- bedroom apartments. In comparison, 2-bedroom, 3-bedroom, 4-bedroom, and 5-bedroom apartments have risen by less- 12.77%, 8.79%, 10.32%, and 12.40%, respectively.
With this real-time information, renters can keep track of apartment affordability. The city of Boston is looking to overtake San Francisco as the second most expensive place to live in the United States. However, the question of whether you can afford to live in Boston depends on many other factors, such as the general cost of living, how you commute to work, lifestyle, etc.
So, if you’re planning on moving here, you need to take a close look at your financials. It is crystal clear that living in Boston is not cheap, but keep in mind the city boasts more high-paying jobs than others.
How Much Do You Need to Live in Boston?
The Boston Pads rent calculator gives you an idea of how much income you need to live in Boston. For example, if you plan on renting an apartment with a monthly rent of $2,625 then you should have a yearly income of $90,000 before taxes. While rental costs account for most of the living expenses in Boston, there is a lot more that determines how much you need to cope with one of the most expensive cities in the US.
A summary of the monthly estimated cost of living published by Numbeo shows that a family of four needs an estimated $4,210.49 monthly to live in Boston. A single person, will have estimated monthly expenses of $1,173.50. This figure does not include the cost of the rent. Instead, it integrates living expenses like the cost of groceries, restaurants, transportation, monthly utilities, clothing, and other…