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.
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%.
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%.
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%.