Quick Answer: What Is Middle Class Income In Massachusetts?

What is the most expensive town to live in in Massachusetts?

A Bloomberg report identified the richest towns in America, and one swanky Massachusetts town landed in coveted the top 50.

Wellesley came in at No.

36 for the second straight year, boasting a state-high average household income of $277,508..

Is Massachusetts expensive to live in?

Massachusetts is the third most expensive place to live in America, according to a CNBC Study. The Boston area is the driving force behind the Bay State’s high cost of living, where the median price for a home is 70 percent higher than the national figure.

What salary do you need to live in Massachusetts?

On average, Massachusetts residents need to make $33.81 an hour to afford fair market rent, report says. The average Massachusetts resident would need to make $33.81 an hour to afford a two-bedroom rental residence at the fair market rent, according to a new study.

What is the richest town in Mass?

WelleslyAcross the state, the median household income is around $77,000. In Franklin County, where Deerfield resides, the median is even lower: $57,300. The most wealthy community in Massachusetts is Wellesly, which has a median household income of $176,850.

Is 120k a good salary in Boston?

Originally Answered: Is 120k a good salary in Boston? In Boston proper, you’ll be just getting by in terms of comfortably meeting needs based on a collection of average prices.

What is the nicest town in Massachusetts?

Best Towns to Raise Families in MassachusettsAmherst. Amherst is in Hampshire County and has a population of 40,000 people. … Bedford. Bedford is an American historical hub located in Middlesex County. … Springfield. Springfield is the third largest city in Massachusetts. … Lexington. … Brookline. … Medford. … Hull. … North Adams.More items…•

Whats the richest town in MA?

Last year, the data showed that Wellesley was the wealthiest place in Massachusetts. Now, with an estimated median household income of $188,908, Wellesley is in second place behind Dover.

What is considered upper class 2020?

Pew defines the upper class as adults whose annual household income is more than double the national median. That’s after incomes have been adjusted for household size, since smaller households require less money to support the same lifestyle as larger ones.

What is considered the middle class income?

5 Pew defines the middle class as those earning between two-thirds and double the median household income. This Pew classification means that the category of middle-income is made up of people making somewhere between $40,500 and $122,000.

What is a good salary in Boston MA?

Turns out the magic number for Boston is a household income of $120,900. That makes Boston one of the pricier big American cities in which to live comfortably (see chart below). From the study: “A Boston apartment with a couple of bedrooms will cost you $2,821 per month, on average.

Where do millionaires live in Massachusetts?

The number of millionaires in Worcester, the state’s second-most populous city, declined from 47 in 2014 to 45 in 2015. Tewksbury, Revere, Melrose, Harwich, Dracut, Chelmsford and Bridgewater all increased the number of millionaire residents by at least 100 percent over the three-year span.

What is a good salary for a single person in Massachusetts?

Highest, lowest median incomes in Mass. If your a single person you could probably live decently in Mass. for $50,000-$60,000 if you have a wife & 2 kids $50,000-$60,000 is not going to cut it.

What is the average household income in Massachusetts?

$108,348The ACS 1-year survey shows that the median family income for Massachusetts was $108,348 in 2019. Compared to the median US family income, Massachusetts median family income is $27,404 higher. Like the median household income numbers, 2020 family income data will be released in September of 2021.

What is considered upper class in Massachusetts?

That group of upper class households had a median income of $187,872. In order to be considered “upper class,” according to CNBC, a household must earn over double the median household income.

Where do the rich live in Massachusetts?

Many of the state’s wealthiest towns are located in the suburban area around Boston. With a high concentration of wealthy cities and towns just to the west of Boston, in the MetroWest area, and along the northern and southern coastal regions that have easy access to the city, in particular the North Shore of Boston.

What is considered low income in MA?

2019 Government Poverty GuidelinesHousehold Size100% of Poverty300% of Poverty1$12,760$38,2802$17,240$51,7203$21,720$65,1604$26,200$78,6005 more rows•Jan 17, 2020

What is considered a good salary in Massachusetts?

Massachusetts Average While ZipRecruiter is seeing salaries as high as $147,763 and as low as $22,273, the majority of salaries within the Average jobs category currently range between $53,781 (25th percentile) to $80,400 (75th percentile) with top earners (90th percentile) making $97,784 annually in Massachusetts.

What is the poorest town in Massachusetts?

Springfield1. Springfield. Springfield, unfortunately, ranks as the poorest place in Massachusetts thanks to combination of low pay and and a lack of jobs. The city of 154,596 people averages the 1st lowest median household income in Massachusetts and the 2nd highest poverty rate.