Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand.
The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households need to have money left over after paying rent in order to live comfortably, which is why your rent-to-income ratio should not go above 33%. You should adopt and deploy a leasing and/or sales strategy that matches your income. Consider increasing the number of roommates you have in order to secure a superior apartment for the same price point, or even less.
That being said, there are plenty of high-paying jobs available in Boston! In fact, the city claims to be one of the fastest-growing job markets in the entire country. The majority of these roles are in the financial, technological, medical, and real estate sectors. Boston is a college town as many people say. Universities and Colleges do not pay taxes so they often have a lot of money that gets invested in the local economy that would otherwise go to the government. This helps spur innovation at a more rapid pace than in other cities. These new and innovative jobs attract young talent from the world over, and you start to notice this pattern the longer you look at Boston. As colleges expand and…