A recent analysis has revealed that Boston and Worcester are among the top 25 metropolitan areas in the United States where an annual income of $100,000 is insufficient to cover basic living expenses for a family of three.
The analysis, conducted by LendingTree and released on April 14, 2023, found that in one out of every four large metro areas, a monthly income for a family of three making $100,000 a year is inadequate for covering basic needs.
This study examined 100 of the largest U.S. metros and determined that in 25 of these areas, monthly spending on essential expenses—including childcare, housing, utilities, and transportation—exceeds the monthly income for a family of three earning a gross income of $8,333.
In Boston, the situation is particularly stark, with a family of three’s monthly expenditures totaling $9,946, consequently leaving them with a net monthly income of -$1,613.
The analysis identified childcare as the most significant expense in Boston, costing $2,232 per month, followed closely by housing at $2,077.
Transportation and food are the third and fourth most costly expenditures, costing families $1,203 and $1,112 per month, respectively.
Worcester ranks as the metro area with the 14th highest expenses, where a family of three incurs $9,032 in monthly expenditures.
Similar to Boston, the two largest expenses for families in Worcester are also childcare and housing.
In Worcester, families pay $2,040 a month for childcare and $1,403 a month for housing, along with $1,324 for transportation and $1,017 for food.
This amount leaves Worcester families with a net monthly income of -$699 when living on a $100,000 annual income.
The analysis further identified San Jose and San Francisco, California, as being the two metros with the highest expenses, where monthly costs reach $10,540 and $10,137, respectively.
Connecticut cities are also heavily impacted, with Bridgeport, New Haven, and Hartford listed among the top 25 most expensive metro areas.
In Bridgeport, a family of three making $100,000 a year would end up with a net income of -$677 after monthly expenses of $9,010.
Similarly, in New Haven, families could expect a net negative income of -$119 after spending $8,452, while Hartford families would see a net monthly income of -$90 after incurring total expenses of $8,423.
The findings from this analysis highlight a growing concern about the high cost of living across major U.S. cities, raising questions about the financial viability for families earning what is traditionally considered a solid annual income.
Here are the 25 cities identified as too expensive for families reliant on a $100,000 income:
1. San Jose, Calif.
2. San Francisco, Calif.
3. Boston, Mass.
4. Honolulu, Hawaii
5. Oxnard, Calif.
6. Washington, D.C.
7. Los Angeles, Calif.
8. San Diego, Calif.
9. Seattle, Wash.
10. Poughkeepsie, N.Y.
11. New York, N.Y.
12. Riverside, Calif.
13. Sacramento, Calif.
14. Worcester, Mass.
15. Bridgeport, Conn.
16. Denver, Colo.
17. Stockton, Calif.
18. Baltimore, Md.
19. Portland, Ore.
20. Minneapolis, Minn.
21. New Haven, Conn.
22. Fresno, Calif.
23. Hartford, Conn.
24. Colorado Springs, Conn.
25. Bakersfield, Calif.
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