In 2004, one of the greatest rivalries in sports history took place between the Boston Red Sox and the New York Yankees. The parades that took place after the Boston victory were like nothing the city had witnessed before. To many people Boston just does not compare to New York City. In many ways Boston is like the little brother to the Big Apple, but let’s take a look and see if the data supports that theory. In their 2022 report, Mass Bay Movers reports that New York City is 16X larger than Boston in population, but geographically is only twice as large. That’s Boston for the win, If you like a little space between you and your neighbors.
But what about opportunities to earn a strong income. Certainly, NYC has higher wages than Boston, Right? Wrong. In their 2020 report, DATA USA, argues that the median household income in Boston is $76,298, compared to $67,406 for New York City. However, the devil is in the details, while median incomes in Boston are higher, Boston’s poverty rate stands at 18%, while NYC had a poverty rate of 17.3%.
A big part of any American dream is home ownership. Owning a home is more than just a status symbol, to many, it represents security and possibly a source of wealth for future generations. One key factor in homeownership is affordability. In their 2020 report, Data USA reported that the median property value in New York City was $635,200, while the median property value in Boston was $581,200. Boston has a homeownership rate of slightly over 35%, and New York has an ownership rate of 32.8%. While rates of ownership are similar, the price tag of a house in New York is $53,800 higher and maybe just enough to outprice many first-time buyers.
Economically Boston appears to be slightly growing while NYC is retracting. In their 2020 report, Data USA reported that Boston’s economy had grown by 0.655% over a one year period while NYC in the same period declined by 1.06%. While New York City has a larger population and slightly less poverty, Boston certainly appears to be where the opportunities lie. While the Red Sox may have been horrible last season, there are many reasons to pick Boston over New York City, unless of course you are a sucker for dirty water dogs in Times Square.