Boston is the capital and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. With many colleges and universities within the city and surrounding area, Boston is a center of higher education and a center for medicine. The city's economy is also based on research, electronics, engineering, finance, and high technology?principally biotechnology. The city has been experiencing gentrification and has one of the highest costs of living in the United States? though it remains high on world livability rankings.