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Everyone wants a home that mixes affordability with comfort and Massachusetts does this very well. Families love the Bay State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Massachusetts that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Massachusetts for 2021.
So where is the most expensive place to live in Massachusetts? That would be Boston.
the 2015-2019 American Community Survey for the 53 places in Massachusetts with more than 12,000 people.
What's the most expensive place to live in Massachusetts? Well, HomeSnacks crunched the numbers and discovered that Boston is the most expensive place to live in Massachusetts.
So hopefully Palmer Town (the cheapest place to live in Massachusetts) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Massachusetts and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Massachusetts For 2021
The median income in Boston comes in at $71,115 and the median home value is $532,700 for 2021.
The median income in Cambridge comes in at $103,154 and the median home value is $768,300 for 2021.
The median income in Somerville comes in at $97,328 and the median home value is $664,700 for 2021.
The median income in Malden comes in at $65,975 and the median home value is $401,900 for 2021.
The median income in Everett comes in at $65,528 and the median home value is $405,800 for 2021.
The median income in Chelsea comes in at $56,802 and the median home value is $350,800 for 2021.
The median income in Winthrop Town comes in at $74,069 and the median home value is $439,800 for 2021.
The median income in Revere comes in at $62,568 and the median home value is $373,800 for 2021.
The median income in Lawrence comes in at $44,613 and the median home value is $271,100 for 2021.
The median income in Watertown Town comes in at $101,103 and the median home value is $559,700 for 2021.
How We Determined The Most Expensive Places To Live In The Bay State For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Massachusetts to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 53 places in Massachusetts that have more than 12,000 people.
The place with the highest cost of living in Massachusetts according to the data is Boston. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Massachusetts For 2021
Well there you have it, the places in Massachusetts that have the highest cost of living, with Boston ranking as the most expensive city in the Bay State.
Here's a look at the most affordable cities in Massachusetts according to the data:
- Palmer Town
For more Massachusetts reading, check out:
- Best Places To Live In Massachusetts
- Cheapest Places To Live In Massachusetts
- Most Dangerous Cities In Massachusetts
- Best Places To Raise A Family In Massachusetts
- Safest Places In Massachusetts
- Worst Places To Live In Massachusetts
Detailed List Of The Most Expensive Cities In Massachusetts
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