value for money

Top 3 Most Financially Favorable Places to Live in Massachusetts

When you think of Massachusetts, and all the different cities across the state, you think of the expensive financial strain that it puts on your wallet to live the Massachusetts-ian life. Of course, Boston’s Suffolk County is nowhere to be seen near the counties slotted into the top end of the purchasing power index list, there are quite a few places in Massachusetts that give you a bang for your buck. According to a recent study by finance technology site SmartAsset, the top 3 most financially favorable places to live in Massachusetts (or places with the highest purchasing power in) are:

1. Worcester

Cost of living: $40,296

Median Income: $65,453

Purchasing Power Index: 78.19

2. Norfolk

Cost of living: $53,341

Median Income: $86,469

Purchasing Power Index: 78.03

3. Nantucket

Cost of living: $53,714

Median Income: $86,529

Purchasing Power Index: 77.54

The study based on calculating purchasing power by determining the weighted cost of living as a percentage of median income, puts Worcester county as the most affordable place to live in Massachusetts, with a calculated amount of over $25,000 saved after expenditure, annually. Although the median income of Norfolk county and Nantucket county is much higher than that of Worcester, the study concludes that because of the significantly higher cost of living, which translates, percentile-wise to support that Worcester gives you the biggest bang for your buck from Massachusetts.

Remember though that this is all statistical data concluding its statement based on averages between minimum livable income and the median income as well as using baseline cost of living data in each county. But statistics of course support many arguments and the ones compiled by SmartAsset help in supporting its own claim that Worcester is the best county to live in when talking about affordable yet comfortable living standards.

You may also like...