Massachusetts is a state in the United States known for its rich history and culture. It's home to some of the oldest universities such as Harvard, MIT, and Boston University. It is also home to a variety of prominent companies including Liberty Mutual Insurance Group, Raytheon Technologies Corporation, State Street Corporation, and EMC. The cost of living in Massachusetts can be slightly higher than in other areas due to the high cost of rent ($2,140 for a two-bedroom apartment) and groceries (109 versus 100 in the US). Nevertheless, it remains an attractive option for many due to its strong economy and many job opportunities.
Massachusetts has an unemployment rate of 6.6%. The US average is 6.0%.
Massachusetts has seen the job market increase by 4.0% over the last year. Future job growth over the next ten years is predicted to be 39.3%, which is higher than the US average of 33.5%.
Tax Rates for Massachusetts
- The Sales Tax Rate for Massachusetts is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Massachusetts is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Massachusetts
- The average income of a Massachusetts resident is $36,441 a year. The US average is $28,555 a year.
- The Median household income of a Massachusetts resident is $89,026 a year. The US average is $69,021 a year.