An Overview of Cost of Living in Brookline, MA
Are you thinking about relocating, but curious about the potential cost of living in Brookline? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Brookline stands at 220, making it 120% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Brookline may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Brookline falls within this bracket.
Housing costs are a major factor in the Brookline cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 354.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Brookline goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.
What Do Locals Say About the Cost of Living in Brookline?
Locals have the inside scoop on their city. So, we polled 9 residents in Brookline to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 22% find it reasonable with decreasing prices, but 78% think it's quite pricey, with prices that continue to rise.
Is Brookline Affordable?
Is Brookline affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Brookline, the median home price is 444.8% higher than the national average and monthly rent prices are 142.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Brookline boasting a median household income of $113,642, 105.4% higher than the national average.
What Factors can Influence the Cost of Living in Brookline?
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Brookline, the general sales tax rate starts at 6.25%, and income tax rates begin at 5%.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Where is the Data From?
The Brookline cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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