As the cradle of American history and a hotbed for innovation, Boston offers renters with a wide range of incomes a lifestyle teeming with opportunities and experiences. From ample job opportunities in technology, healthcare and finance to a lively culture that embraces the arts and sports, there’s something for everyone. Fortunately, the average salary in Boston is also above the national average, providing a financial counterbalance for those looking to dive into all that this vibrant city has to offer.
Yet, it’s essential to consider that the cost of living in Boston is higher than in many other U.S. cities, particularly when it comes to rent and utilities. We’ll dive into both aspects of Boston living below to examine how much the average salary feels like when bills and entertainment costs are accounted for.
- Overall average salary in Boston: $80,507
- Average salary in Boston as an hourly rate: $38.71
Boston job market at a glance
Boston’s job market is rife with opportunities across a multitude of industries. Often referred to as the “hub of innovation,” the city is home to a burgeoning tech scene that rivals Silicon Valley, particularly in biotech, cybersecurity and software development.
It’s not just tech companies that are hiring, though. Boston’s status as a world-class city for education, boasting institutions like Harvard and MIT, has created a ripple effect of opportunities in academia, research and educational technology. Finance and consulting are also well-represented, with many major firms settling down in the city.
But it’s not all white-collar jobs and six-figure salaries. Boston’s thriving tourism industry provides a host of opportunities in hospitality, from hotel management to culinary arts.
The city’s extensive healthcare network, with renowned facilities like Massachusetts General Hospital and Brigham and Women’s Hospital, offers a range of jobs from clinical to administrative. Construction and skilled trades are also in demand, as Boston’s growth shows no signs of slowing down. Retail and service jobs abound, especially in tourist-heavy areas like Faneuil Hall Marketplace or the historic North End.
In essence, whether you’re a recent graduate, a seasoned professional or someone looking for a career change, Boston’s job market is likely to have something that aligns with your skills and aspirations while netting you the average salary in Boston or above.
Renting in Boston
The rental market in Boston reflects an increasingly costly environment for tenants, with average rents ranging between $3,421 for a studio apartment to $5,330 for a two-bedroom. While studios and two-bedroom apartments have both seen an annual rent increase of 7%, one-bedroom apartments have had a more moderate increase of 2%, averaging $4,002.
Notable areas like Kenmore and Back Bay have seen astronomical rent increases of 40% and 59% respectively, for studio apartments. Conversely, the Seaport District experienced a 4% decrease in average rent for studio apartments, suggesting that not all areas in Boston are subject to the same upward pressure on rent.
When compared to nearby cities, Boston’s rents are generally higher. For example, the average studio rent in Cambridge is $2,910, a decrease of 5% compared to the previous year, while in more affordable areas like Roxbury and Manchester, the average rents for a studio are $1,900 and $1,627 respectively.
Among the most affordable neighborhoods in Boston for a one-bedroom apartment are Brook Farm, Forest Hills – Woodbourne and Jeffries Point, where average rents range from $1,950 to $2,200. In stark contrast, the most expensive neighborhoods include Kenmore, Fenway and Audubon Circle – Longwood, where one-bedroom apartments go for an average of around $4,779 to $4,843.
The Boston rental market thus reveals a significant range in pricing, depending on location and apartment size, with a predominant trend towards high rental costs. This could be a deterrent for lower-income families and individuals, effectively creating economic barriers to living in many areas of the city if you make below the average salary.
That said, if you’re raking in an average salary in Boston, while homeownership may not be on the table, you’ll have a deep pool of apartments within your price range to choose from.
Transportation
Navigating Boston is a breeze thanks to the city’s robust public transit system, affectionately known as the “T.” Managed by the Massachusetts Bay Transportation Authority (MBTA), the T includes subway lines, buses and even scenic ferry routes across Boston Harbor. Major subway lines connect key hubs, while buses serve the city’s nooks and crannies. The standard fare for a subway ride is $2.40 with a CharlieCard, and bus rides start at $1.70. Monthly passes are available for frequent commuters.
While the T is a staple for many, having a car in Boston comes with its challenges, including congested roads and expensive parking. The city’s historic layout makes for narrow streets that aren’t always car-friendly. Parking costs can add up quickly, with rates in downtown garages often exceeding $30 a day. Many residents opt for resident parking permits but even then, finding a street spot can feel like hitting the jackpot.
In summary, the T offers a cost-effective and generally safe way to traverse the city, while owning a car demands a higher financial and logistical commitment.
Food
From the narrow alleys of the North End, teeming with Italian eateries, to the modern fusion restaurants of the Seaport District, Boston’s food scene is a culinary expedition waiting to happen. The city’s storied history has given rise to iconic eats like Boston Cream Pie and the iconic bowl of clam chowder, but don’t let tradition fool you. Boston is no slouch when it comes to trendy gastronomy; think vegan bakeries, gourmet food halls and artisanal coffee shops that dot the landscape from Fenway to Southie.
But that’s not all. Bostonians also have a soft spot for casual fare. The city boasts an impressive selection of food trucks serving everything from Korean barbecue to vegan tacos and more. The local bar scene contributes with its own genre of comfort food: Think loaded nachos, buffalo wings and overstuffed burgers best enjoyed while bellied up to the bar watching a Red Sox game. And let’s not forget the strong international cuisine scene; in neighborhoods like Allston, you can chow down on Thai curries, Japanese ramen and Middle Eastern kebabs all in a single street.
Entertainment
Often referred to as the “Athens of America” for its intellectual vitality, Boston has an entertainment scene that caters to every taste and sensibility. For the highbrow crowd, the city’s Symphony Hall, home to the Boston Symphony Orchestra, offers an unmatched acoustic experience, while the Museum of Fine Arts and the Institute of Contemporary Art serve as sources of inspiration for art aficionados.
Those enamored by the stage will find solace in Boston’s flourishing theater district, which hosts a mix of Broadway hits, avant-garde performances and everything in between. There’s even a vibrant indie film scene, with theaters like the Coolidge Corner Theatre offering a sanctuary for lovers of the silver screen outside the mainstream.
Yet, for all its refinement, Boston is also a city that pulsates with the energy of its passionate sports fans. The words Red Sox, Celtics and Bruins are spoken here with a kind of religious reverence, and catching a game at historic Fenway Park or the state-of-the-art TD Garden is an experience that pulses with excitement and local pride.
For a more casual night out, the city is home to a ton of bars, from the clubs in the South End to raucous rock venues in Allston. Beer gardens, rooftop bars and dance clubs pepper the city, ensuring that when the sun goes down, Bostonians have no shortage of places to let loose. From the upper crust to the down-to-earth, Boston’s entertainment scene is as varied as it is abundant.
Other expenses
Living in Boston comes with its share of additional recurring expenses that go beyond the basics of rent, food and entertainment. One significant outlay is utilities, which can run higher than the national average, especially during the city’s harsh winters and hot summers.
Expect to shell out for heating costs in the form of gas or electricity, which can range between $150 to $300 a month depending on the size and efficiency of your home. Don’t forget the cost of water, internet and cable, which can collectively add another $100 to $200 to your monthly budget.
Healthcare is another major recurring expense, with Massachusetts having some of the highest healthcare costs in the country. Even with insurance, co-pays and premiums can add up. Monthly premiums for a standard plan can range from $200 to $400, while specialized treatments or medications can be substantially higher.
Similarly, fitness-conscious Bostonians might find themselves paying for gym memberships or yoga classes, which usually cost around $50 to $100 per month. Pet owners aren’t exempt from recurring costs either, with pet insurance, vet visits and grooming services contributing to the monthly bills.
Make your move to Boston
Life in Boston is a rich collection of experiences, from its dynamic job market and world-class educational institutions to its diverse food and entertainment scenes. While the cost of living can be steep, particularly when it comes to rent and utilities, the thriving job market often compensates with competitive salaries.
According to various reports, the average salary in Boston ($80,507) is higher than the national average, making it possible for renters to enjoy the city’s amenities and culture while also planning for a financially secure future. If you’re lucky enough to be bringing in $100,000 a year, you should have no problem finding the perfect place to call home in Boston.
