Cost of Living in Cambridge, MA [2024]
Cambridge, deemed The Intellectual Capital of the World as a result of its wide range of higher education institutions, is also an incredible place to live. Home to the illustrious Harvard and MIT campuses, this lively city offers a bustling nightlife scene, a startup paradise, and even a famed garden cemetery.
If you’re looking to make the move to Cambridge, you’ll need to be prepared for the city’s high cost of living by creating an accurate budget. We’ve got you covered!
Here’s everything you need to know about the cost of living in Cambridge, Massachusetts.
Cost of Living in Cambridge
What Is the Cost of Living in Cambridge?
Cambridge is one of the most expensive cities in the U.S., with a cost of living 69% higher than the U.S. average according to Best Places. The largest cost category is housing, which is 219% higher than the national average.
How Much Is Rent in Cambridge?
Data from our Cambridge Rent Report shows that rent prices increased very slightly at 0.1% in a year-over-year comparison. Overall median rent sits at $3,045 a month, while one-bedroom median rates are closer to $2,764, and two-bedrooms cost around $3,349 a month.
How Much Is Housing in Cambridge?
If you're not looking to rent, be aware that the median home value in Cambridge is quite high at $997,600, with residents spending around $3,193 a month on housing costs including their mortgages.
What Salary Do I Need to Live in Cambridge?
As the median cost of a one-bedroom apartment in Cambridge is $2,764, your monthly pretax income should meet or exceed $9,213 a month or $110,556 annually based on the 30% rule.
Before making the move to Cambridge, ensure you will earn enough to live comfortably in the city. The living wage in Cambridge is currently $30.04 an hour, which is the minimum you need to cover basic costs. This figure doesn't include savings, recreation, or emergencies. According to the U.S. Census Bureau, the median household income in Cambridge is $121,539 a year.
Having a comfortable life means that you earn enough to afford rent, necessities, and entertainment, as well as save a bit each month. Generally, one needs to earn at least three times the cost of rent before taxes to live comfortably.
How Much Is Transportation in Cambridge?
According to MIT’s Living Wage Calculator, the average single Cambridge resident pays $10,056 on transportation annually when they own their own car. A family of four with two adults and two children pays $16,867 annually.
These costs represent personal vehicle ownership expenses. However, you can save big by riding public transportation whenever possible. As a major city, Cambridge has a comprehensive public transportation system that can get you where you need to go within city limits.
The Massachusetts Bay Transportation Authority (MTBA) provides rail, bus, and trolley transportation options. With a monthly MTBA Charlie LinkPass, you’ll enjoy unlimited access to the subway, bus, and Silver Line for $90 a month or $1,080 annually.
How Much Are Food Costs in Cambridge?
According to data from Numbeo, the average cost of an inexpensive meal is $24. For a two-person meal at a mid-range restaurant, you spend $100, not including tip or extras.
That said, with the many incredible restaurants lining the city’s streets, it’ll be a meal well worth the cost.
Basic grocery costs in Cambridge run $4,958 for a single adult a year. A family of two working adults and two children will spend $14,544 for a family of four a year or $953.83 a month. However, these numbers only account for those formidable souls who prepare and eat every single meal at home.
If you want to save on your grocery bill, shop at discount grocery stores such as Market Basket and Trader Joes. You might also catch a good deal on produce at the weekly Central Square Farmers Market!
How Much Is Healthcare in Cambridge?
Understanding healthcare costs is essential for anyone building a budget that covers all expenses, even those that are difficult to predict. That said, the average medical costs for a single Cambridge resident are $3,553 and $9,311 for a family of four.
However, these numbers apply only to employer-sponsored health insurance. If you retain private healthcare coverage, you will likely experience significantly different costs. If you need to apply for healthcare coverage, head to Healthcare.gov, the federal health insurance marketplace.
Keep in mind that it’s always a good idea to save for medical emergencies. They can be wildly unpredictable, causing financial devastation if you’re not prepared for them.
Similarly moving to a new state can cause a lapse in health insurance coverage. You’ll have to report your move to regain coverage.
How Much Are Utilities in Cambridge?
For a 915 square foot apartment in Massachusetts, you'll pay $305.18 a month for your basic utilities, including water, electricity, and gas.
| State | Avg Electricity Cost | Avg Gas Cost | Avg Water Cost | Avg Fuel Cost | Avg Total Cost |
|---|---|---|---|---|---|
| Massachusetts | 151.71 | 77.52 | 48.23 | 27.72 | 305.18 |
| Boston, MA | 145.15 | 76.62 | 41.45 | 27.22 | 290.44 |
| Springfield, MA | 103.83 | 83.27 | 29.73 | 3.59 | 220.42 |
| Worcester, MA | 146.33 | 8.99 | 44.24 | 0.51 | 200.07 |
However, many people have begun to include essentials such as cell phones and internet services in their utility budget line. So, when you’re estimating your utility costs, you’ll need to include an additional $70 to cover the average cost of the monthly phone and internet bills.
If you’re looking to save big on your utilities, pay attention to your usage. When it comes to basic utilities, the less you use, the less you pay. Of course, saving on your internet and cell service is a bit more challenging.
You could opt for the lowest-tier service package, check out low-cost cell service plans, or simply call in and ask for a better deal. Yes, it’s a lot of effort, but who doesn’t like saving money?
Fitness and Entertainment in Cambridge
Even though Cambridge boasts a reputation for its scholarship, you won't find a lack of fitness and entertainment opportunities. Wondering what there is to do in Cambridge and how much it will cost you? Here’s what you need to know about fitness and entertainment options and costs in Cambridge.
Fitness Costs
Cambridge is sure to keep you active thanks to its walkability. However, if you’re a fitness enthusiast or simply prefer your workouts to be more structured, you’ll be at home in Cambridge’s gym scene.
A gym membership will run you an average of $61 monthly or about $732 annually. If that’s a bit too steep for you, there are other inexpensive ways to stay fit in the city. For example, you could lace up your running shoes and hit the sidewalk.
Visit Mount Auburn Cemetery for a Day
There are plenty of lovely places to visit in Cambridge. However, the city’s greenest crown jewel is Mount Auburn Cemetery. Its 174 acres serve as a resting place for many famous Massachusetts residents and houses thousands of trees in an arboretum.
On a given day, you’ll find birders keeping a watchful eye on the sky for their winged friends. You’ll see people taking guided tours and others simply relaxing among the greenery.
If you choose to visit Mount Auburn, head to the top of Washington Tower for incredible views of Cambridge and quick access to the walking loop. Just be respectful of your surroundings.
Take a Self-Guided Tour Around the City
Cambridge is a city steeped in American history. History buff or not, taking a free self-guided tour of the city is a great way to explore and learn more about the place you’ll call home.
There are tons of tour options, ranging from Women Activists of Riverside 50 Years After Suffrage to Caribbean Community in the Port. Theme your day, lace up your shoes, and get learning!
Catch a Sports Competitions
If you’re a sports fan looking for a bit of live competition, MIT and Harvard’s D1 athletics schedule can certainly deliver.
That said, neither of these schools is pushing out professional athletes each year, and they rarely appear in postseason NCAA competitions in the most popular sports, including basketball, football, baseball, and soccer.
Luckily, Cambridge offers a plethora of sports bar options, so you can enjoy a game with like-minded fans. Keep in mind that drinks can get expensive, as a single pint of domestic beer will run you $7 each.
Other Expenses to Consider in Cambridge
When building a budget to make your move to Cambridge, make it as airtight as possible. Consider all of your moving costs, not just the obvious ones, as these so-called hidden costs can sometimes bust a budget.
To help, we’ve got two additional expenses to consider when moving to Cambridge.
- Taxes: The state of Massachusetts collects flat-rate income tax of 5% and a sales tax rate of 6.25% across the state. However, there are no additional city or county taxes for Cambridge residents. Because you’ll be renting, you don’t have to worry about property taxes.
- Childcare: Regardless of where you live, childcare will likely be one of your biggest expenses, especially if you have a child under school age. This fact remains true in Cambridge, as families can expect to pay $15,420 annually for one child and effectively double that rate for two children.
Moving to Cambridge?
If living in a city overflowing with intellectuals and brimming with history seems like a dream, then it’s time to start planning your move to Cambridge.
Take our quiz to find your dream apartment or simply start browsing listings in Cambridge.
If you want to learn more about Massachusetts, check out some of our local guides:
- Things to Know Before Moving to Boston
- Cost of Living in Boston
- Best Neighborhoods in Boston
- How to Find an Apartment in Boston
FAQs: Cost of Living in Cambridge
How far is Cambridge from Maryland?
Cambridge is 417 miles away from Maryland. It takes 7 hours and 21 minutes to get to Maryland from Cambridge by car, 43 hours by bike, and 151 hours by foot.
What is the population of Cambridge?
The population of Cambridge is 118,403. It is the fourth-most populated city in the state of Massachusetts.
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