Salary & Cost of Living in Needham, MA
Needham, MA: $63,395 median salary, cost of living index 131.7, $15.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$63,395
$30/hr
Cost of Living
131.7
US avg = 100
Minimum Wage
$15.00
per hour
Unemployment
3.4%
rate
Needham, MA Overview
Population
31,388
Median Salary
$63,395
Average Salary
$71,002
Avg Commute
17 min
Median Home Price
$567,000
Median Rent
$2,284/mo
Job Growth
+1.7%
Sales Tax
6.25%
Needham is located in Massachusetts with a population of 31,388. The median household salary is $63,395 per year ($30/hour), which is $4,011 above the national median of $59,384. The average commute time is 17 minutes, and the city has a job growth rate of +1.7%.
Needham Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Needham, MA, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$49,807
$4,150.55/month · $1,915.64/biweekly · Effective Rate: 21.4%
Gross Pay
$63,395
Federal Tax
-$5,569
State Tax
-$3,170
Local Tax
$0
FICA
-$4,850
Net Pay
$49,807
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,282.92 | $63,395.00 |
| Federal Income Tax | -$464.08 | -$5,568.90 |
| Massachusetts State Tax (5%) | -$264.15 | -$3,169.75 |
| Social Security (6.2%) | -$327.54 | -$3,930.49 |
| Medicare (1.45%) | -$76.60 | -$919.23 |
| Net Take-Home Pay | $4,150.55 | $49,806.63 |
Salary Comparison: Needham vs Other Cities
See how Needham's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Needham, MA | $63,395 | 131.7 | $48,136 |
| National Average | $59,384 | 100 | $59,384 |
| West Seneca, NY | $63,425 | 129.8 | $48,864 |
| Blacksburg, VA | $63,340 | 103.6 | $61,139 |
| North Tonawanda, NY | $63,308 | 131.8 | $48,033 |
| Pullman, WA | $63,486 | 111.5 | $56,938 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Needham
Needham's cost of living index is 131.7 (national average = 100). Living in Needham is 31.69999999999999% more expensive than the national average.
Median Home Price
$567,000
Median Monthly Rent
$2,284
Annual Rent Cost
$27,408
Your Salary's Purchasing Power
Your $49,807 annual take-home pay in Needham has the purchasing power of approximately $37,818 in an average-cost US area. You would need to earn $83,491 in Needham to match a $63,395 salary in an average-cost city.
Top Industries in Needham
Needham's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $63,395.
Salary Tips for Needham Workers
- Negotiate for cost of living. Needham has a cost of living 31.69999999999999% above the national average. When negotiating salary, factor in the higher housing and living costs to ensure your real purchasing power stays competitive.
- Research top industries. Needham's top industries include Biotech, Education, Finance. Targeting roles in these sectors can help you earn above the $63,395 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Needham, MA?
The median salary in Needham, MA is $63,395 per year, or $30 per hour. The average salary is $71,002. This is $4,011 above the national median of $59,384.
What is the cost of living in Needham, MA?
Needham's cost of living index is 131.7 (national average = 100), meaning it is 31.69999999999999% more expensive compared to the national average. The median home price is $567,000 and the median monthly rent is $2,284.
What are the best industries in Needham?
The top industries in Needham, MA include Biotech, Education, Finance. The city has a job growth rate of 1.7% and an unemployment rate of 3.4%. Workers in these industries often earn above the city's median salary of $63,395.
How does Needham's salary compare to other cities?
Needham's median salary of $63,395 is 6.8% above the national median of $59,384. However, when adjusted for cost of living (index: 131.7), the real purchasing power is approximately $48,136.
What is the minimum wage in Needham, MA?
The minimum wage in Needham, MA is $15.00 per hour. This equals approximately $31,200 per year for a full-time worker (40 hours/week). This is $7.75 above the federal minimum wage of $7.25/hour.