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Cost of Living in Massachusetts

Is it better to rent or buy in Massachusetts? 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.

$115,303
$1,833/mo

Median in area: $1,833

$618,476

Median in area: $618,476

$123,695

If you Rent

🔑
$2,075 /mo
Base Rent$1,833
Est. Utilities$242
% of Income21.6%
Pre-tax Residual$7,534

If you Buy

🏠
$4,076 /mo
P&I (6.605%)$3,162
Taxes & Ins$672
Est. Utilities$242
% of Income42.4%
Pre-tax Residual$5,533

Cost of Living FAQs

Is it cheaper to rent or buy in Massachusetts?›

Based on median housing data, renting is currently more affordable on a monthly basis in Massachusetts. The estimated all-in monthly cost for renting is $2,075, while owning a median-priced home with a 20% down payment is roughly $4,076 per month (a difference of $2,001).

How much do utilities cost in Massachusetts?›

The average monthly utility cost (electricity and natural gas) for a typical home in Massachusetts is approximately $242. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Massachusetts without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $83,000 per year.