As a family financial planner who spent many of his formative years working and living in Boston, I’m often approached with questions about the city. Whether it’s about the Celtics, commercial real estate, or the general cost of living in Beantown, I’m always happy to talk about it and provide any advice I can to families of all types looking to make the city home.
While I have since moved out of Boston and live in Newburyport, MA, with my family, I still love working in Boston and spending time there with my wife and kids. Today, we still have memberships to the Boston Children’s Museum, Aquarium, and the Boston Science Museum. Our favorite way to spend a Saturday is to take the commuter rail in for a Boston day. When I was growing up, Boston trips were mini-vacations; sharing these day trips with my kids reminds me how fortunate we are to live in such a special place.
The Boston Demands
Boston has been consistently ranked as one of the more expensive cities in the nation, and it’s been that way for some decades now. In U.S News’ most recent report on the most expensive places in the United States to live, Boston ranked 12th. The city ranks even higher on lists that focus on the rental markets across the country.
Other than debating what “full-throttle” means to Red Sox ownership, real estate pricing is always a hot topic every Bostonian likes to discuss, many lamenting the opportunities they once had and how successful they’d be if they had jumped on them at the time. “Oh yeah, I could’ve bought a triple-decker in Southie for 250k in 2005; I blew it!” Yes, Boston is pricey; there is no way around it, but is Boston too expensive for families? Is the city no longer accessible, and should it be left to the millionaires of the tech industry?
In this piece, I will discuss whether or not Boston is too expensive for families; spoiler alert, like all things in life, the answer isn’t black or white and falls somewhere in between.
Is Boston Too Expensive for Families? It’s All About Expectations
One of the most popular and semi-controversial blogs I’ve ever published is my piece titled; $500k Is a Comfortable Middle-Class Income for Boston!?. This piece gets many people’s attention and stirs some emotions. I outline why a middle-class family’s $500k annual salary (or combined salaries) meets the expected lifestyle criteria. My point with this piece wasn’t to shame anyone but to provide a perspective of how much the cost of living has increased over the past 4-to-5 decades for the middle class and also shine a light on following your life goals, not pursuing the profile of someone else’s.
What Kind of Boston Life Do You Want?
So yes, for many of us who have kids and desire certain experiences and routines in our daily lifestyle, living in a Brownstone in the Back Bay or a Luxury high-rise in the Seaport doesn’t make lots of sense unless priorities are changed. But it’s all about what you prioritize, not necessarily what your salary is.
What are the priorities for your family?
- Do you want your kids to have a backyard, a neighborhood, and all have their own bedroom? Well, chances are that’s not entirely feasible in a 650 sqft condo downtown, but that can be had in an outlying Bostonian neighborhood/suburb.
- Do you want to have two cars? Only some people in the city need two or even one car for that fact, so if you and yours are okay with taking rideshares and public transportation, automobile ownership is something to deprioritize.
- Are you okay with having a longer commute/can you work remotely? If you’ve got a great job in the city that you expect to grow into over the coming decades, maybe commuting daily on the MBTA isn’t ideal for you, and having less space to be closer to work is something your family is ok with.
I feel one cannot make a declarative statement like “Boston is too expensive for families” because every family will have different goals/expectations/lifestyle choices and preferences. You can make your money work around your priorities, but it’s never a great idea to adapt your priorities to your money.
Are Memories More Important To You Than Zip Codes?
For most families, the allure of living in the city and all the conveniences that come with it aren’t worth the sacrifices their family would make to do so. I loved living in the city during the height of the Red Sox’s early 2000s runs, but I wouldn’t trade those times now for the memories I’m making with my kids. But again, every case is different.
For me, it took a 3-year-old’s wisdom to finally let go. When Finn told me, “He likes the beach better,” it was unquestionable that we would be moving out of Boston proper.
Many Millennials and generations after them are having a harder time letting go of city living and making it a priority to stay, willing to make concessions. Are you willing to work longer and save less to stay in a Boston proper zip code? Or do memories with your kids on annual vacations matter more to you?
We all have to ask ourselves these questions, and it’s my career as a family financial advisor to help families better understand their options when working toward their life goals.
If you’ve questions regarding Boston wealth strategies and money management or simply want to reminisce about the 04’ Sox run, I’m always happy to have a conversation.
Click to Book a Meeting With Scott
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
