F
106%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
307%
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 Belmont Massachusetts National
Cost of living206133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing407165100
Transportation118118100
Utilities134134100

An Overview of Cost of Living in Belmont, MA

Getting a feel for the cost of living in Belmont 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 Belmont is 206, which is 106% 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 you prioritize affordability when seeking a new place to live, Belmont may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Belmont falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the Belmont cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 307.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Belmont, these items will cost you 21.6% more than what most folks pay, making it a bit more expensive to live here.

Is Belmont Affordable?

Is Belmont an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Belmont, the median home price is 388.6% higher than what most folks pay across the country, and monthly rent prices are 117.3% higher than the usual rates. Income levels in Belmont come in at $140,500, which is 154% higher than the national average.

What Factors can Influence the Cost of Living in Belmont?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Belmont, the groceries index is 5.3% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Belmont, the utilities index registers 33.9% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The cost of living in Belmont, 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 Belmont is 55% higher than the Massachusetts average
  • The cost of living in Belmont is 106% higher than the national average
  • Belmont housing is 307% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 93% higher than the national average

Most Affordable Places to Live in and Around Belmont

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Compare Belmont, 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$177,895$14,825$4,151$5,337
      Renters$100,023$8,335$2,334$3,001
      A good way to judge both the affordability of the housing and the cost of living in Belmont is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Belmont has a median income of about $177,895 for people who own homes. Based on that number, a maximum of $4,151 should be spent on expenses related to housing. Renters have a slightly different median income, which is $100,023. Based on this average, renters should spend no more than $2,334 on all rental costs if they want to maintain a non-impoverished standard of living.

      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% 9%

      Goods & Services

      Item Belmont 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 Belmont 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 Belmont 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 Belmont National avg. Difference
      Home Price $902,500.00$184,700.00388.6%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $2,062.00$949.00117.3%

      Transportation

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

      Utilities

      Item Belmont 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.
      Lynn, MA94,20113635.5%
      Maynard, MA10,90013635.8%
      Salem, MA43,35013939.2%
      Littleton Common, MA3,37013939.4%
      Chelsea, MA39,87814039.5%
      Belmont, MA26,158206105.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      University Park, FL26,15011312.6%
      Stevens Point, WI26,1448812.4%
      Troy, OH26,176946.1%
      Sun City Center, FL26,1381076.5%
      West Whittier-Los Nietos, CA26,12114848.4%
      Belmont, MA26,158206105.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.