A detailed side-by-side comparison of the cost of living, housing prices, income levels, and overall affordability between Boston, MA and New York, NY.
MA
Population: 654,776
NY
Population: 8,258,035
National average = 100. Higher values indicate a more expensive area.
| Metric | Boston, MA | New York, NY | Difference |
|---|---|---|---|
| Cost of Living Index | 155 | 150 | +3.3% |
| Median Home Price | $650,000 | $680,000 | -4.4% |
| Property Tax Rate | 1.04% | 0.88% | +18.2% |
| Median Household Income | $81,744 | $74,694 | +9.4% |
| Population | 654,776 | 8,258,035 | -92.1% |
New York, NY is 3.3% cheaper to live in than Boston, MA, based on the overall cost of living index.
Home Price Difference
$30,000
Boston, MA is cheaper by 4.4%
Income Difference
$7,050
Boston, MA earns more by 9.4%
Price-to-income ratio: median home price divided by median household income. A lower ratio indicates more affordable housing.
Boston, MA
8.0x
$650,000 / $81,744
New York, NY
9.1x
$680,000 / $74,694
Overall, Boston, MA is the more affordable city to live in. With a cost of living index of 155 compared to 150, a median home price of $650,000, and a price-to-income ratio of 8.0x, Boston, MA offers better value for residents looking to stretch their dollar further. However, the median household income in Boston, MA ($81,744) is higher, which may offset some of the cost differences.