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Cost of Living in Boston

Is it better to rent or buy in Boston? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$105,429
$2,184/mo

Median in area: $2,184

$814,456

Median in area: $814,456

$162,891

If you Rent

🔑
$2,377 /mo
Base Rent$2,184
Est. Utilities$193
% of Income27.1%
Pre-tax Residual$6,409

If you Buy

🏠
$4,906 /mo
P&I (6.5%)$4,118
Taxes & Ins$595
Est. Utilities$193
% of Income55.8%
Pre-tax Residual$3,879

Cost of Living FAQs

Is it cheaper to rent or buy in Boston?›

Based on median housing data, renting is currently more affordable on a monthly basis in Boston. The estimated all-in monthly cost for renting is $2,377, while owning a median-priced home with a 20% down payment is roughly $4,906 per month (a difference of $2,529).

How much do utilities cost in Boston?›

The average monthly utility cost (electricity and natural gas) for a typical home in Boston is approximately $193. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Boston?›

To comfortably afford the median rent and utilities in Boston without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $95,080 per year.