Quality of Life for a $190,980 Salary in Boston, MA

Overview

Earning $190,980 annually places an individual well above the median household income both in Boston and across the United States. However, Boston's elevated cost of living and real estate market necessitate a closer examination of how this salary translates to quality of life.

Cost of Living

• General Living Expenses:
  • Boston's cost of living is approximately 48% higher than the national average.
  • The city's expenses for groceries, utilities, and transportation exceed typical U.S. costs.
• Taxes:
  • Massachusetts has a flat state income tax rate of 5.0%.
  • Property taxes and real estate transaction taxes also add to the financial burden.

Housing Market

• Home Prices:
  • The median home price in Boston is significantly above the national median, hovering around $779,000, compared to the U.S. median of approximately $430,000.
  • This elevated housing market may make home ownership challenging, despite a robust salary.
• Renting:
  • Rental prices are also high, with average monthly rents for downtown apartments around $3,600.

Quality of Life

• Lifestyle and Amenities:
  • Boston offers a rich array of cultural, educational, and recreational opportunities.
  • The city ranks high for livability and is known for its historical sites, vibrant neighborhoods, and diverse culinary scene.
• Transportation:
  • Public transportation is widely accessible, although traffic congestion can be an issue for drivers.

Access to Healthcare

• Healthcare Facilities:
  • Boston is home to some of the nation’s top hospitals and medical research institutions.
  • Healthcare access is high quality, though healthcare costs are among the highest in the nation.

Quality of K-12 Schools

• Public Education:
  • Boston’s public school system offers a range of options with varied performance levels.
  • Numerous high-performing charter and magnet schools are available.
• Private Education:
  • The region has several prestigious private schools, though tuition can be expensive.

Summary

The quality of life for someone earning $190,980 in Boston is generally high, with access to excellent healthcare, rich cultural and lifestyle amenities, and a range of educational opportunities. However, the city's high cost of living and housing prices can negate some salary advantages, requiring careful financial planning. Nonetheless, the