Moving From New York To Massachusetts: The Pros And Cons

New York to Massachusetts

Using the most recent stats, the #1 state that people relocated to Massachusetts from was New York. I am going to try to keep it as much as a state versus state comparison as I can… And I think I may definitely have to do a Manhattan vs. Boston comparison as well.. Especially since I moved to Boston from New York! 

Let’s talk about a comparison of these two states and give you a little bit of what to expect if you are considering making the move from New York to Massachusetts.

But first… My name is Jeff Chubb and I am a recovering investment banker turned real estate agent that has sold more than 1,000 houses. If you are new to the channel then I appreciate you considering subscribing and if you are thinking about buying or selling a home… Then you should definitely reach out! 

And second… Let’s set the record state.. New York is not part of New England. 

Okay let’s talk about the Cost as the first category.

 As two northern states, neither are exactly a bargain to live in. Generally speaking, the more North in New York that you go, the better the value… or the less expensive it is I should say. SImilarly and generally speaking, the more west you go in the state of Massachusetts, then the less expensive it becomes. The Boston area and really the Eastern coast of Massachusetts is the epicenter of expense. Just like New York City is for the state of New York. 

We will talk about the difference in taxes shortly as this was a major difference that I personally noticed and enjoyed when I made the move. 

Nerdwallet.com has a cost of living Calculator and they do the calculator for Boston to New York City. They state that the cost of living is 60% higher in New York than it is in Boston. In other words, a $100,000 of pretax money if you live in Boston is the equivalent of $169,935 in Manhattan. 

Now I know I said I was going to try to stay away from a city to city comparison, but I just thought one was a very relevant data point. 

When you look at it from a full state versus state, according to mylifeelsewhere.com, Massachusetts is 13% more expensive than New York. 

Meanwhile, according to nextburb.com, the median household income for Massachusetts is $89,645 compared to New York’s $74,314. 

Let’s talk about the Housing Market as it’s a major part of the cost. 

Again, using data from Nextburb.com, The Median price for a single family home is $561,403. This is compared to New York’s Median price of $397,093. 

More than price, there were some other differences that I thought were really worth noting. For example the average property tax in Massachusetts was $5,351. This is compared to New York’s average of $5,974. 

Another interesting stat that I found was that Single Family Housing stock accounts for 52% of the dwellings in Massachusetts. This is compared to 42% in New York. Meanwhile Massachusetts has a 63% homeownership rate compared to 55% for New York. 

I don’t think it is necessarily fair to pick a town in New York and try to compare it to Massachusetts… Because my general knowledge of towns in New York is… well to say the least… lacking. 

What I would say is that if you are looking for some suggestions of areas or towns that could fit your needs, then you should give me a call. Let’s talk about what is important to you and your price range and then I can probably point you in the right direction. 

The big takeaway is that housing in the state of Massachusetts on a whole is more expensive. But if you are doing a Boston Metro vs. New York City Metro… Then Boston is going to win that competition every day of the week and twice on Sunday. 

A quick personal note is that I grew up in Delaware. If I had come from Delaware to Boston, then my perception would have been holy mother of pearl, this place is expensive. Instead I had the sticker shock of going from Delaware to New York. Then New York to Boston. The pit stop in New York actually reset my housing value chart if you will. When I came to Boston… I thought Real Estate was cheap! 

Let’s talk Weather. 

They are relatively equal in that regard. It seems that if you live in the Buffalo or Syracuse area, then you may be gluttoned for some punishment in the Winter months thanks to the Great Lakes… We don’t really have that here. 

When people think of Massachusetts, everyone always brings up cold and harsh winters. Granted I live off the coast… But I really don’t think they are that bad. The northern part of Boston definitely gets more of a snow beating then the southern part of the state, but I really don’t think it is all that bad. 

The big thing is that New York is HUGE. The weather in New York City is going to be most likely different then Albany which will probably be a little different from Syracuse and Buffalo. 

I may be a little biased here, but I would put this one in the win column for Massachusetts. But I can easily see how someone would say this falls into the tie category. 

Now let’s talk Taxes. 

Fun story… My first job was in New York City. I thought a city tax was kind of a standard thing. So when I got my first job… I remember spending what would be considered a decent amount of time trying to figure out what the Boston City tax was… Spoiler alert, it was zero. 

Massachusetts has the nickname of Taxachusetts. And I think that is a rather unfair nickname. If anything, it should be called Feeachusetts. There are small incremental fees… which lets be honest are taxes… All over the place. It’s a death by a million cuts quite frankly. 

Let’s start with the income tax. Massachusetts is 5%. Massachusetts also has a recently voted in Millionnaires tax that increases the rate to 9% for anything over $1 million dollars.New York has nine income tax rates ranging from 4 percent up to 10.9 percent! The 4% range disappears pretty quickly as an FYI. Let’s say it this way… If you are making 50 grand a year, then your income tax rate is 5.85%. 

As I mentioned, there is not a city tax for Boston, but the city of New York does have an additional tax that ranges from 3.078% to 3.876% plus an additional set amount. As an example if you make over 50 grand, then you would also owe 3.876% plus an additional $1,813. 

New York State has a sales tax of 4 percent. If you live in the city, then you would own an additional 4.5% plus an additional .375% for a Metropolitan Commuter Transportation District Surcharge… Man, you can’t make this stuff up. So total sales tax could be up to 8.875%. 

In Massachusetts the sales tax is 6.25%. There is no additional sales tax for the city of Boston. 

I found an interesting CNN Money article that lists Tax Dollars state by state. It lists New York as the #1 state for total taxes per $1,000. This is compared to Massachusetts which they had ranked as #40. To be fair, this is because of the low sales and excise tax rankings. When you are just looking at personal income, then New York is number 1 with Massachusetts coming in at number 8. 

Either way, Massachusetts is not the Taxachusetts state that it’s made out to be. It’s not great, but it could definitely be worse! 

Education is generally one of the most important factors when people are considering a move. 

School state rankings were a little all over the place. I think it’s important to first say that it's the municipality that you are in that makes the biggest difference in regards to the quality of the school. So that is where you need to first focus. 

In the WalletHub survey, they rank Massachusetts as #1 while New York came in at #13. US News & Report had Massachusetts at #2 and New York comes in at #8 when you look at their Pre-K through 12th grade rankings. 

Again, this really comes down to the area that you end up calling home whether you are in New York or Massachusetts. No matter the state, there are some school districts that perform better than others.

Let’s talk about job opportunities in both states. 

As economies go… New York is a monster. Ranking #3 in the Country with $1.6 Trillion in economic output. This is compared to Massachusetts $544 Billion. 

Currently the unemployment rate in Massachusetts is 2.6%. This is compared to the 3.9% in New York. 

The three largest industries by revenue are the Drug, cosmetic and toiletry industries, Life insurance and annuities and College and Universities. Interestingly enough, Hospitals was #4 with Biotech at #7. 

Meanwhile in New York, #1 is the Financial Services industry, #2 is Healthcare with #3 being Professional and Business Services. 

Fun fact, New York City is the second highest GDP city in the world after Tokyo. 

A big fiber of the Massachusetts economy is higher education. Yes, it is what is tied to a lot of economic output, but is also why a lot of companies set up shop here. With so many colleges, each year there is a large pool of students to recruit from. And these schools include Harvard, MIT, Boston University, Northeastern… And Babson. Sorry, I just had to throw Babson in there! 

What does the future hold for large cities like New York and Boston? Time will tell. But as of now, New York City is looking to be more affected by the long term shift in the way we work after Covid. 

To round it all out, let’s finish it up by talking about what each state has to offer from outdoor activities to general entertainment.

I am biased, but even with my bias.. It feels like Massachusetts showed up to a gunfight with a knife. I am not going to get into the quality of the sports teams… But we can talk about the number! New York has two baseball teams, three football teams, two basketball teams and three Hockey teams. Massachusetts has one team in each sport category. 

Then there is the art scene which includes things like plays on Broadway. Massachusetts just can’t compete with Broadway and what they bring to the table. 

There is a vast amount of Green space in both states. I will say that New York has ski resorts, we don’t. During the winter months we escape  by going up North to areas like New Hampshire, Vermont and Maine for skiing. 

Massachusetts has the Cape and the islands. New York has Long Island and the Hamptons. I think Massachusetts actually takes the win here… But this is also when so many New Yorkers take over New Jersey and enjoy the proximity of their beaches. But one thing that Massachusetts has is more coastline in general which creates for some amazing hidden gem places to call home. 

New York has the great lakes. I will wholeheartedly admit that I have never been. I have to imagine that they are pretty awesome places to enjoy. 

I guess the important thing to realize is that if you are coming from New York and you have enjoyed everything that they have to offer… Then know Massachusetts is no slouch either. 

Boston and New York may be rivals, but there are a lot of great things about Massachusetts if you are considering making a move here. 

One of the things I personally loved is that Boston was more of a town. New York is very vertical. The town feeling was what was right for me. I loved New York. Had an amazing time living there and wouldn’t trade it for the world. But Boston is the place that I love to call home. 

Whether you are looking to relocate to Boston Homes For Sale in the next 9 or 90 days, then I would love to chat with you. Would love to hear about your goals and also talk to you about what you are looking for in your new home to help offer some suggestions on possible communities that could work for you. 

All of my contact information is below. You can also reach out to me at YouTubeRealEstateAgent.com and fill out your contact information and then I will reach out to you. 

Until next time. 

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