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Massachusetts is home to some of the best places for quality living and endless opportunities — and if you’re looking for one of these prime locations, it doesn’t come cheap. 

Among these desirable spots is the quaint town of Hopkinton, MA. Sure, Hopkinton might be famous for kicking off the Boston Marathon, but there’s so much more to this town than being a legendary starting line. 

From its small-town vibe to the easy access to Boston, lots of people consider it an affordable alternative to life in Beantown. 

But, just how affordable is the cost of living in Hopkinton? 

The cost of living in Hopkinton isn’t something you can overlook it’s 45% and 13.55% higher than the national and state averages. 

That’s not even half of the gist! Let’s take a deeper look into what it costs to live in Hopkinton.

Housing Costs — A Pretty Penny For a Nice Place

Housing is often the biggest expense you will make in Hopkinton. Given that the city’s housing market is one of the most competitive, average homes sell out after 19 days at a price 4% above the listing price. 

The more competitive homes sell out after 9 days, often going for about 7% more than the listing price. 

• Average Rent: $2,645
• Median Home Value: $978,500
• Average Monthly Mortgage: $2,523

However, whether you’re working with a moving company in Hopkinton or planning your move independently, you can expect to find a variety of housing types, including apartments and single-family houses to condos.

Bedroom Type	Average Monthly Rent
Studio	$1,470
1 Bedroom	$1,806
2 Bedrooms	$2,259
3+ Bedrooms	$2,850

 

Note:

By June 2024, the average home prices in Hopkinton have risen by 50.5% compared to 2023. This leaves the median home value at a price more than 200% higher than the national average. 

Utilities – Sorting the Essentials

Utilities in Hopkinton are fairly typical for the region. 

On average, you can expect to pay around $200 to $300 monthly for electricity, heating, cooling, water, and garbage. 

If you’re an internet junkie, budget an extra $60 to $100 per month for high-speed internet. While these costs can fluctuate with the seasons—heating in the winter can be particularly pricey, it’s nothing out of the ordinary for Massachusetts.

But, on averagely, your bills run into;

• Phone Bill: $55
• Energy Bill: $257.35 

Food and Groceries

When it comes to groceries, Hopkinton residents spend slightly more than the average American. 

Living in Hopkinton means spending 18% higher than the national average on groceries.

A typical grocery bill for a family of four might run between $800 and $1,000 monthly, depending on your shopping habits and whether you prefer organic or gourmet options. 

Grocery Item	Cost
Milk (1 gallon)	$6.68
Bread	$3.36
Hamburger	$5.99
Large Pizza	$11.99
Chicken	$4.99
Eggs (1 dozen)	$5.04

 

Note:

If you want to dine out, a meal at an inexpensive restaurant will cost you about $24. While an average meal for two at a mid-range restaurant costs around $50 to $75.

Healthcare

For many people, the true indication of how expensive a place is lies in the healthcare costs. On that note, is Hopkinton expensive? 

Healthcare costs in Hopkinton are on par with the Massachusetts state average. However, this average is 17% higher than the national rate card, and it is worth every penny! 

The 371 physicians per 100,000 residents in Hopkinton means better healthcare access when compared to the U.S. average of 210 per 100,000.

On average, a doctor’s visit costs around $194, and a visit to the dentist will cost you $108. Prescription drugs and specialist visits can add up, so it’s wise to have comprehensive health insurance to cover these expenses.

Education

If you have kids, Hopkinton’s schools are a major draw. The town’s public schools are among the best in the state, with top-notch facilities and dedicated teachers. 

For the public schools, the Hopkinton school district’s school quality rating is over 99% better than all U.S. and Massachusetts school districts. 

But this excellence comes at a cost, adding to the living costs in Hopkinton.

• Education expenditure (per student): $19,196
• Student-teacher Ratio: 15:1

Note:

For those considering private education, tuition can range from $20,000 to $40,000 per year, depending on the school.

Transportation

“Time is money,” the saying goes. As such, how much time it takes to get around in Hopkinton factors into the cost of living in the town. 

Commute time here is an average of 37.8 minutes, higher than in most U.S. cities.

However, Hopkinton is a commuter’s dream if you’re heading in from Boston, which is only 26 miles away. Gas prices in Hopkinton average around $2.86 per gallon.

If you drive alone to work (which about 76% of residents here do), you’ll need to budget for parking, tolls, car maintenance, and insurance. These expenses can cost you a little over $8,000 per year.

A monthly commuter rail pass to Boston will set you back about $300 for public transportation. 

Note:

If you’re sticking around town, you might not need to spend much on transportation – Hopkinton is a walkable town with plenty of local amenities.

Goods and Services

Whether it’s a trip to the salon, gym membership, or catching the latest movie, expect to pay slightly more than the national average for goods and services in Hopkinton. 

Goods and services cost 26% more than the national average. A haircut might cost around $30 to $50, and a gym membership typically roams the range of $50 to $100 monthly. 

These costs add up to the cost of living in Hopkinton. But they’re part of enjoying life in a town with plenty of amenities.

Income and Job Opportunities

Hopkinton boasts a strong local economy, with finance, education, healthcare, and manufacturing job opportunities. 

The median household income is significantly higher than the national average, reflecting the town’s educated and skilled workforce. 

If you’re looking for a job in the area, you’ll find opportunities both in town and Greater Boston, making Hopkinton an attractive place for professionals.

• Population: 18,758
• Median Household Income: $191,439
• Unemployment Rate: 2.0%
• Poverty Rate: 4.3%

Tax Rates

Massachusetts has a flat income tax rate, which applies to all residents, including those in Hopkinton. 

Property taxes in Hopkinton are also worth considering — at around 1.46% of your home’s value, they can be a significant annual expense. 

• Sales Tax Rate: 6.25%
• Income Tax Rate: 5.0%
• Property Tax Rate: 1.46%

Bottom Line: Is Hopkinton Worth It?

Hopkinton is a fantastic place to live with a high quality of life, an excellent education quality, and the added advantage of being close to Boston. Plus, the great economy of the town adds to its appeal as a place for careers to thrive and have more disposable income.

But Hopkinton is undeniably expensive. The cost of living in Hopkinton is higher than both the state and national averages across all indices. 

While Hopkinton might be your dream come true if you’re willing to pay a premium for a high quality of life, just be sure to budget carefully before moving here.