Massachusetts Among Highest Rent Spenders in the United States
When it comes to shelling out for rent, Massachusetts residents are among those paying the most compared to their incomes. So how much are people spending and where does the Bay State rank overall?
A recent report from Forbes Homes ranked Massachusetts as the fourth-highest state in rent spending relative to their income.
That means only three other states in the entire country have people spending more of their monthly income on rent than we do. Not great.
Data from the U.S. Bureau of Economic Analysis and U.S. Department of Housing & Urban Development in 2021 calculated the average monthly rent in Massachusetts to be $1,823. That is more than a quarter of the average monthly salary in the state, meaning more than 25% of your income each month pays for your living space.
Only New Jersey, California and Hawaii were higher on the list and even nearby Rhode Island was close behind as the eighth highest state in rent. The Ocean State's average of $1,359 in rent per month probably means moving just a little farther east isn't really going to help anyone around here.
No other New England state cracked the Top 10, however, so maybe a move further north will help your hard-earned money go a little bit further each month.
All this inflated rent makes it pretty easy to see why Massachusetts was also the fifth highest for people moving out of state this past year, a number that could go up as home prices rise.