F
66%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
174%
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 Waltham Massachusetts National
Cost of living166133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing274165100
Transportation118118100
Utilities134134100

An Overview of Cost of Living in Waltham, MA

Are you thinking about relocating, but curious about the potential cost of living in Waltham? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Waltham stands at 166, making it 66% 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, Waltham 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, Waltham falls within this bracket.

When it comes to the cost of living in Waltham, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 173.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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, Waltham goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.

Is Waltham Affordable?

Is Waltham 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 Waltham is 210.8% higher than the national average, while the average monthly rent prices are 86.9% higher than average. The affordability of any location can also be influenced by median income levels. Waltham has a median household income of $95,851, which is 73.3% higher than the national average.

What Factors can Influence the Cost of Living in Waltham?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Waltham, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 5%.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Waltham, the utilities index stands at 33.9% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Waltham, the housing index is 173.6% higher than the national average.

Where is the Data From?

The cost of living in Waltham, 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 Waltham is 25% higher than the Massachusetts average
  • The cost of living in Waltham is 66% higher than the national average
  • Waltham housing is 174% 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 Waltham

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Compare Waltham, 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$117,817$9,818$2,749$3,535
      Renters$73,735$6,145$1,720$2,212
      A good indicator of the general affordability of housing in Waltham, MA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Waltham, the median monthly income is $117,817 for those who own their own homes. Under the standard rule, that income level would allow for $2,749 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $73,735, per the median income in the area. That would allow for renters to spend up to $1,720 on monthly rental expenses.

      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 Waltham 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 Waltham 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 Waltham 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 Waltham National avg. Difference
      Home Price $574,000.00$184,700.00210.8%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $1,774.00$949.0086.9%

      Transportation

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

      Utilities

      Item Waltham 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.
      Randolph, MA33,52612626.4%
      Lynn, MA94,20113635.5%
      Maynard, MA10,90013635.8%
      Littleton Common, MA3,37013939.4%
      Chelsea, MA39,87814039.5%
      Waltham, MA62,59716665.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pico Rivera, CA62,50714747.0%
      Montebello, CA62,69715453.6%
      Coon Rapids, MN62,7061033.3%
      North Miami, FL62,46811110.8%
      Springfield, OR62,7291077.3%
      Waltham, MA62,59716665.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.