F
56%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
140%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Woburn Massachusetts National
Cost of living156133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing240165100
Transportation118118100
Utilities134134100

An Overview of Cost of Living in Woburn, MA

Getting a feel for the cost of living in Woburn is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Woburn is 156, which is 56% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Woburn is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Woburn falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a major factor in the Woburn 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 140.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Woburn, you you will have to spend 21.6% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Is Woburn Affordable?

Is Woburn an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Woburn is 163.5% higher than the national average, while the average monthly rent prices are 85.8% higher than average. The affordability of any location can also be influenced by median income levels. Woburn has a median household income of $92,084, which is 66.5% higher than the national average.

What Factors can Influence the Cost of Living in Woburn?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Woburn, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Woburn, the housing index comes in at 140.2% higher than the national average.

Where is the Data From?

The cost of living in Woburn, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Woburn is 17% higher than the Massachusetts average
  • The cost of living in Woburn is 56% higher than the national average
  • Woburn housing is 140% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 122% higher than the national average

Most Affordable Places to Live in and Around Woburn

See all the best places to live around Woburn

Compare Woburn, MA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$114,196$9,516$2,664$3,426
      Renters$70,045$5,837$1,634$2,102
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Woburn, MA, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Woburn homeowners, is $114,196. This would allow for a maximum of $2,664 per month to be spent on housing costs. For renters, the median monthly income is $70,045 which would result in a maximum of $1,634 to be spent on rental costs.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 5%

      Goods & Services

      Item Woburn National avg. Difference
      Haircut $43.72$24.2680.2%
      Beauty Salon $65.56$45.5643.9%
      Toothpaste $3.53$3.704.7%
      Shampoo $1.49$1.2816.4%
      Movie $15.49$12.1327.6%
      Bowling $29.33$18.0063.0%

      Groceries

      Item Woburn National avg. Difference
      Ground Beef $5.48$5.846.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.76$4.671.9%
      Potatoes $4.99$4.931.1%
      Pizza $12.52$12.093.6%
      Beer $10.21$10.411.9%

      Health Care

      Item Woburn National avg. Difference
      Optometrist $123.17$125.682.0%
      Doctor $157.89$135.7816.3%
      Dentist $149.22$113.2931.7%
      Ibuprofen $11.39$10.656.9%
      Lipitor $384.69$468.6017.9%

      Housing

      Item Woburn National avg. Difference
      Home Price $486,600.00$184,700.00163.5%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $1,763.00$949.0085.8%

      Transportation

      Item Woburn National avg. Difference
      Gasoline $3.43$3.460.9%
      Tire Balancing $97.39$59.9262.5%

      Utilities

      Item Woburn National avg. Difference
      All Electricity $302.72$193.9956.0%
      Phone $187.85$192.252.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Lawrence, MA80,02212726.7%
      Lowell, MA111,31112827.6%
      Lynn, MA94,20113635.5%
      Salem, MA43,35013939.2%
      Chelsea, MA39,87814039.5%
      Woburn, MA40,29715655.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Gallatin, TN40,2621054.6%
      Valrico, FL40,2591088.4%
      Newnan, GA40,2271021.8%
      Wentzville, MO40,4071022.4%
      Holyoke, MA40,1611065.5%
      Woburn, MA40,29715655.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.