San Francisco has often been called the Boston of the west coast due to the similar size and culture of the cities. However, they both have something else in common: the housing costs are high, to say the least.
Boston has been climbing the list of the most expensive cities in the country for the past ten (10) plus years. Both real estate purchase prices and rents have reached record highs. The area is growing at a rapid pace. The demand for housing has increased significantly. There’s also a limited supply of properties on the market for sale and rent at any given time. Many real estate experts feel that Boston will soon become number 2 on the list of most expensive cities across the United States for renters, overtaking San Francisco and trailing only New York City.
Is Boston More Expensive than San Francisco?
No, Boston is not more expensive than San Francisco. In fact, San Francisco’s cost of living is 33% higher when compared to the cost of living in Boston according to Nerdwallet. Daily expenses like groceries are significantly higher in San Francisco. For example, a 2-liter bottle of soda costs $2.53 in San Francisco compared to $2.10 in Boston. That’s a 21% price difference. Other grocery items, such as a dozen large eggs are 45% higher in San Francisco. Entertainment costs are also higher in San Francisco by an average of 10%.
Think of it like this: overall, if you earn $100,000 in Boston, you would need to earn $133,000 in San Francisco just to keep up with your daily expenses.
San Francisco vs. Boston: Median Sales Prices
When comparing the residential real estate prices in Boston and San Francisco, you’ll discover that homes for sale in Boston are a lot less expensive compared to properties in San Francisco. Based on Multiple Listing Services (MLS) data, San Francisco’s median sale price for all residential property types was $1,510,000 in May 2022. That figure is over 48% higher than Boston’s median sales price of $780,000 in May 2022….