Economy in Boston, Massachusetts

Boston, MA is an expensive city to live in, but it has many advantages. It is home to a number of large companies, including Amazon, General Electric, Liberty Mutual Insurance Group, and State Street Corporation. These companies provide plenty of job opportunities for the locals and also attract visitors from around the world. The average two-bedroom rent in Boston is $2,840 compared to $1,430 in the US overall. Additionally, grocery costs are higher with a grocery index of 111 versus 100 in the US. All these factors make living in Boston an expensive proposition, but its many benefits can outweigh this fact for some people.

Boston has an unemployment rate of 6.2%. The US average is 6.0%.

Boston has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 42.5%, which is higher than the US average of 33.5%.

Tax Rates for Boston
- The Sales Tax Rate for Boston is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Boston 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 Boston
- The average income of a Boston resident is $34,770 a year. The US average is $28,555 a year.
- The Median household income of a Boston resident is $81,744 a year. The US average is $69,021 a year.