Can You Afford to Live in Boston?

Over the past year, there has been a large increase in the average rental prices of Boston apartments. Rising inflation and a looming recession have worsened the affordability problem for renters and property owners alike- costs for property maintenance keep going up. There has been a 14.25% increase in the average rent of studio apartments and a 15.18% increase for 1- bedroom apartments. In comparison, 2-bedroom, 3-bedroom, 4-bedroom, and 5-bedroom apartments have risen by less- 12.77%, 8.79%, 10.32%, and 12.40%, respectively.

With this real-time information, renters can keep track of apartment affordability. The city of Boston is looking to overtake San Francisco as the second most expensive place to live in the United States. However, the question of whether you can afford to live in Boston depends on many other factors, such as the general cost of living, how you commute to work, lifestyle, etc.

So, if you’re planning on moving here, you need to take a close look at your financials. It is crystal clear that living in Boston is not cheap, but keep in mind the city boasts more high-paying jobs than others.