The overall cost of living in Boston, MA, is 48% higher than the national average. To get a clearer understanding of what this average entails, we have broken down the average costs of some monthly expenses.
Median Home Price: $717,943
Median Rent: $2,249
Gas: $2.89 / gallon
Food & Grocery: 6% higher than the national average
Healthcare: 35% higher than the national average
Sales Tax Rate: 6.25%
Manufacturing is an essential sector in the Boston community. Other significant industries include finance, high-technology research and development, food processing, and printing/publishing. There are eight Fortune 500 companies with headquarters in Boston including General Electric, Liberty Mutual Insurance Group, and State Street Corp. The largest employer in Boston is Massachusetts General Hospital, and the average annual salary is $77,000 or $22.71 an hour. As of March 2020, the unemployment rate in Boston was 2.8%.
From local flea markets to high-end malls, you can find anything you are shopping for in this city. The most popular place to shop is Newbury Street, which is lined with boutiques, restaurants, cafes, and salons.
For high-end shopping, you should head to Copley Place and the Prudential Center. The "Pru," as locals call it, has big-name brands like Tiffany & Co. and Jimmy Choo, and you can visit the Skywalk Observatory from inside this massive shopping complex.
The oldest Flea Market in the state is the Grafton Flea Market. Running since 1970, this famous Flea Market offers both indoor and outdoor vendors selling all types of supplies, clothing, antiques, home décor, and more. Additionally, there are restaurants inside serving burgers, hotdogs, ice cream, and other delicious dishes.
Boston is home to several professional sports teams, including the Red Sox (MLB), the Celtics (NBA), the Bruins (NHL). Fans are loyal to their teams, specifically to the Red Sox. To catch a game, head to Fenway Park, the oldest baseball park in major league baseball. And if you’re looking to catch NFL or MLS action, Foxboro Stadium, home of the New England Patriots and the New England Revolution, is only 30 miles outside of the city.
College sports are also popular in Boston. The four local NCAA Division I colleges include Boston College, Boston University, Northeastern University, and Harvard University. They play their games at the Harvard Stadium and the Boston Arena.
The famous Boston Marathon is also held annually on Patriot’s Day in April.