Boston Vs New York – The cost of living in New York is outrageous, and it’s no different in Boston. Both cities’ workers are well compensated. The issue is that housing is also costly.
We’ll go over some of the numbers behind what it takes to live in New York and Boston in this article.
Boston Vs. New York – Where Is the Best Place to Live?
Boston and New York are two of the most popular cities in the United States. They are both known for their rich history, cultural experiences, and diverse populations.
So, which city is the best to live in? Boston and New York both have their pros and cons, but it ultimately depends on what you are looking for in a city.
The rent you pay in Boston is no less shocking. In Boston, an apartment costs $3,400 per month, and in Cambridge, it costs around $3,200 per month.
The monthly rent in the nearby towns of Worcester and Manchester, New Hampshire, is around $1,400. However, the one-hour car commute is a trade-off. 7
While Wall Street is in New York, Boston has its fair share of local financial firms. Beantown is home to State Street (STT), Fidelity Investments, and Liberty Mutual Insurance.
The headquarters of General Electric (GE) are located in Boston. Moderna (MRNA), one of several companies developing a COVID-19 vaccine, is one of the region’s many tech and biotech start-ups.
In the region, the average annual salary for all occupations is $69,000. The average annual salary for general managers (of which there are over 6,500 in Boston) is $223,600. CFOs earn an average of $159,000 per year.
New York City
New York is widely regarded as the world’s business capital, and the price tag reflects this.
A Manhattan apartment can cost up to $4,200 per month, but bargains can be found in Marble Hill, Washington Heights, and Inwood, where rents range from $1,700 to $2,300 per month.
It’s no surprise, then, that Manhattan has the highest cost of living in the country; a whopping 154 percent higher than the national average.
You’ll have to look to the boroughs outside of Manhattan for lower rents. Brooklyn rents are slightly less expensive, averaging $2,950 per month. The average monthly rent in Queens is $2,500.
You’re probably well paid if you can afford to live in Manhattan. Workers in Manhattan are among the best compensated in the country.
They make an average of $3,150 per week, compared to an average of $1,180 for the rest of the country. Those who work in the lucrative finance industry earn an average weekly salary of $9,500.
If you can get it, it’s not bad. On average, workers in Brooklyn and Queens make significantly less money: on average, $1,100 and $950 per week, respectively.
Key Points to Remember
- Workers in Manhattan are among the best paid in the country, with a weekly wage that is more than double the national average.
- Manhattan rents are, unsurprisingly, high, averaging $4,200 per month.
- Workers in the Boston area earn an average of $69,000 per year.
- To make ends meet, families in both cities would need to earn nearly identical wages.
Because the city’s five boroughs have different characteristics and economic conditions, it’s difficult to draw broad conclusions about the cost of living in New York.
Similarly, the population of the greater Boston metropolitan area outnumbers that of Boston.
According to data from the Massachusetts Institute of Technology, the needs of a typical family in both cities are nearly identical.
To support their families in the Boston area, two adults with three children must each earn at least $23.77 per hour. In the New York area, adults in this family would need to earn at least $28.71 per hour.
To make ends meet in New York, a single adult would need to earn at least $16.74 per hour. To support themselves in Boston, a single adult would need to earn $16.44 per hour.
Manhattan has the highest cost of living in the country, at 154 percent more than the national average.
When economists or statisticians calculate the cost of living in a given region, they calculate the amount of money required to maintain a certain standard of living.
To put it another way, the cost of living is a measurement of how much food, housing, clothing, health care, and education can be purchased with a single unit of currency.
The nature of the goods or services provided has no bearing on cost-of-living averages, which are strictly quantitative.
You may not notice that a particular consumer good costs 25% more in New York than in Boston, but you will notice that it lasts 50% longer in New York.
New York’s costs would rise as a result of the rising cost of living, but this would have the opposite effect in the long run.
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