Martin Bros. Liquors, Cambridge Street, Cambridge, MA 02143, USA | 2 bed apartment for rent #124220559 | Rentberry (2024)

FAQs

Why is Cambridge, MA so expensive? ›

Cambridge, MA is the home to Harvard University, MIT, plenty of scientific institutes, and a huge startup scene. So, it's no surprise that it's a somewhat expensive place to live.

So, how much should you spend on rent? Generally, experts recommend spending no more than 30% of monthly pre-tax income on housing. However, it's not always that simple. According to the U.S. Census Bureau, between 2017 and 2021, over 40% of renter households (19 million) spent more than 30% of their income on rent.

A new report from SmartAsset says a single person in the Boston-Cambridge-Newton metro area has to pull in a salary of almost $80,000 a year to "live comfortably." The study is based on a theoretical budget where a person spends half their income on needs, 30% on "wants" and the rest on savings or repaying debt.

Cost of Living Cambridge, UK

To live comfortably in Cambridge, a minimum of £14,600 per month is required. Other than government financial requirements, Cambridge is 15.5% more affordable than London in terms of consumer prices and 39.3% more affordable than the capital in terms of rent.

Experts recommend renters spend no more than 25% to 30% of their monthly income on rent. So, for example, if you make $60,000 per year, your rent and renters insurance shouldn't go higher than $18,000—or $1,500 per month.

The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

Based on the above categories, you should save an amount equal to at least 3-4 months' rent. That will cover paying rent for the first month, security deposits and last month's rent.

o High demand and a shortage of supply of homes for sale in Cambridge are reflected in high house prices and affordability ratios; and Cambridge remains the most expensive place to buy in the Cambridge housing sub-region.

Cost of Living

You will typically need to spend around $6,613 per month in Boston compared to $6,800 per month in Cambridge to maintain the same standard of living.

The University is committed to providing a world class education and access to the very best teachers, resources and support. Therefore, we invest significantly more than the government regulated tuition fee on each student every year to ensure you get the most from your Cambridge education.

Is Cambridge the most expensive city? ›

In second place is Cambridge. The city has the second highest house prices of all locations in the study, with costs averaging £492,750, plus expensive rent (£1,738) and childcare (£1,552).