Here’s How Much You Need to Earn to Live Comfortably in Massachusetts

There is a lot to love about living in Massachusetts. From its iconic Cape Cod beaches to the bustling Boston metro area and all the way to the peaceful hills of the Berkshires. Massachusetts truly has something for everyone.

Whether you were born and raised in Massachusetts, or are a transplant to the best state in New England, you know all it has to offer.

Massachusetts boasts a strong economy, affordable living, excellent public schools, and an overall high quality of life. The state has been highlighted as one of the best states to live in the US several times, by publications like US News and World Reports, Niche, and CBS News.

Best Places to Live in Massachusetts 2024

Niche released its annual list of the Best Places to Live in Massachusetts. To reach their results, the analytics company looked at metrics that includes quality of public schools, housing and job availability, cost of living, crime, and safety, and diversity, among other factors.

Brookline, Massachusetts is the number one place to live in Massachusetts this year. With a population of 62,698 people and a prime location 25 minutes outside of Boston, the owner earned an overall “A+” grade.

So we know Massachusetts is a great place to live, and while some areas are relatively affordable, others, like the Brookline area and numerous others, are well beyond the means of the average resident.

Recently, Smart Asset looked at how much it cost to truly "live comfortably" in each state. To reach their conclusions, the study looked at the highest annual salary needed for a single adult to live in comfort. The company used the 50/30/20 rule, which recommends spending 50% of your budget on basic needs like food and housing, 30% on wants, and 20% toward savings or paying off debt. They then compared that to the cost of living in each state based on the MIT Living Wage Calculator.

Here's How Much It Truly Costs to Live Comfortably in Massachusetts

According to the newly released study, a single adult needs to earn at least $116,022, or $55.78 per hour, to cover basic needs, leisure spending, and savings in Massachusetts. If you have a family of four, two working adults and two children, the family's income needs to be about $301,184.