Thinking about moving to Boston?
You’ll be in good company. Between 2010 and 2016, more than 55,590 people have moved to Boston, an increase of 9.0%. New residents are attracted to Boston’s high-tech economy, rich culture, world-class education, and classic urbanism. Boston is one of America’s premier cities.
Where Are All the New Residents in Boston Moving From?
Boston, with its large number…
Living
Boston is home to 673,184 Bostonians. With an area of 48.3 square miles, Boston has a population density of 13,938 persons per square mile, which makes it more dense than many other cities of comparable size.
The Boston-Cambridge-Newton, MA-NH Metropolitan Statistical Area boasts a population of 4,794,447 people, of which Boston proper’s population makes up 14%.
Housing
Boston’s growth and desirability come at a major cost: housing is pricey. The median home value in Boston is $558,300, 179% above the US median value, according to Zillow. The median price per square foot in Boston is $519. Over the past 5 years, home values in Boston have increased by 9%.
Renters in Boston will also have a hard time finding affordable housing. The median rent in Boston is $2,567 per month, which is 80% higher than the US median. Over the past year, rental rates in Boston have increased by 2.4%.
Economy
The Boston economy is on fire. The Boston metro area’s GDP grew by 20% between 2010 and 2015, from $330 billion in 2010 to $397 billion in 2015, a total increase of $67 billion. The metro area has a per capita GDP of $82,710. According to the US Census Bureau, the median household income in Boston, MA is $75,389, 53% higher than the national median. Boston’s unemployment rate is 4%.
