How much do I need to afford rent in Massachusetts?

[sethmachine]

When I was an intern, one my co-workers, a full time employee with a PhD in Computer Science would always wonder how on earth people could afford to live in Massachusetts. He was making at least 120K in salary then if not more, not counting other benefits.

I didn't really understand what he meant until just a year ago. According to calculators I've cited, I'm in the top 30% of income earners in the US, but to rent any 1 BD apartment where I live would cost 50% or more of my income per month after tax.

Mind you, I'm talking about living in a suburban area outside of the city (not Boston, not even Cambridge).

It seems that Boston (area) and Massachusetts has one of the highest costs of living in the country.

What I don't understand is, who are these high earners who can afford to live in the city? Luxury apartments are being constantly built up in and around the area. Clearly the investors are getting these filled, but by who? There can only be so many people who earn 6 or even 7 figure salaries.

Do I just need to move to a different area with lower cost of living?

[Singuy]

When I was an intern, one my co-workers, a full time employee with a PhD in Computer Science would always wonder how on earth people could afford to live in Massachusetts. He was making at least 120K in salary then if not more, not counting other benefits.

I didn't really understand what he meant until just a year ago. According to calculators I've cited, I'm in the top 30% of income earners in the US, but to rent any 1 BD apartment where I live would cost 50% or more of my income per month after tax.

Mind you, I'm talking about living in a suburban area outside of the city (not Boston, not even Cambridge).

It seems that Boston (area) and Massachusetts has one of the highest costs of living in the country.

What I don't understand is, who are these high earners who can afford to live in the city? Luxury apartments are being constantly built up in and around the area. Clearly the investors are getting these filled, but by who? There can only be so many people who earn 6 or even 7 figure salaries.

Do I just need to move to a different area with lower cost of living?

I recommend yes..you should seek out an area that is acceptable to you but has a lower cost of living.

I am not 100% sure what drives up the cost of living...the math like you have pointed out, doesn't add up. If you are in the top 30% but find yourself not able to afford to live in an area..then how are people making way less than you suppose to live? Yeah no clue but you should definitely NOT spend more than 30% of your income on housing(especially rent!).

[FLA]

For a few years, Boston was the most expensive city in the country to live in. My brother has lived there for 25 yrs, high-paying tech jobs are how he does it but he never bought, which seems foolish to me 25 yrs later. He makes a very decent living but even he doesn't live in one of the new luxury high rises.

[sv2007]

When I was an intern, one my co-workers, a full time employee with a PhD in Computer Science would always wonder how on earth people could afford to live in Massachusetts. He was making at least 120K in salary then if not more, not counting other benefits.

I didn't really understand what he meant until just a year ago. According to calculators I've cited, I'm in the top 30% of income earners in the US, but to rent any 1 BD apartment where I live would cost 50% or more of my income per month after tax.

Mind you, I'm talking about living in a suburban area outside of the city (not Boston, not even Cambridge).

It seems that Boston (area) and Massachusetts has one of the highest costs of living in the country.

What I don't understand is, who are these high earners who can afford to live in the city? Luxury apartments are being constantly built up in and around the area. Clearly the investors are getting these filled, but by who? There can only be so many people who earn 6 or even 7 figure salaries.

Do I just need to move to a different area with lower cost of living?

What made you desire to live in Boston metro area?
Or, taking your last question literally, why are you in Boston?

If the reasons are not type specifically to Boston, then there's no reason for you to be there.

I've lived there before, terrible weather, really no reason to be there, except that my school was there. Move to SF, it is everything Boston is but better.

[LivingAlmostLarge]

Most people probably spend way over the limit and then eek out a living. Happens in all HCOLA. People in HCOLA places think nothing of spending 50% of income on housing. Happened to us when we were younger and just renting. Rent for a 1 bd apartment for us to share was 40% of income. We made too little living in too expensive a place.

[sv2007]

Most people probably spend way over the limit and then eek out a living. Happens in all HCOLA. People in HCOLA places think nothing of spending 50% of income on housing. Happened to us when we were younger and just renting. Rent for a 1 bd apartment for us to share was 40% of income. We made too little living in too expensive a place.

I agree that if you make too little, then quality of live suffers in a high cost area.
Especially since many things are actually CHEAPER in the high cost area.

Our gardening service is $100/mo here and $120 in TX. Although the yard is smaller, I think it's still the same trouble of getting here and mowing it. Babysitting here is $20/hr while $15/hr in TX (but $15 was 2007 dollars).

Some have to do with roots. One of our sitters grew up here; she rents a 1-bed apartment with her husband who works for a high tech co but doesn't make much money. They can definitely do better elsewhere.