Growing Rent Costs In Boston…

Growing Rent Costs In Boston…

We’ve all seen it in the last couple of years. The rent prices in the greater Boston area keep on rising with seemingly no end in site.

According to Trulia, it takes 43% of the average wage in the city of Boston to be able to rent a two bedroom apartment.

The average cost of a two bedroom? You are looking at $2,300.

But when will it end? If at all?

As the economy continues to improve and drag itself out of the dark place it was in, salaries and rent costs have also grown.

If these two statistics continue to match each other, it means the end of rent increases is nowhere near.

Buying Real Estate

Residents of the greater Boston area can now purchase a condo or house and pay much less on their mortgage compared to renting an apartment or house.

What this means for you is if you can afford to rent an apartment or house in Boston then you can afford a mortgage on a house/condo of your own. You just need to save up the down payment.

Even down payments are getting easier these days with government programs like FHA insured loans. But that is a whole other article in itself.

Multi-Family Houses

Lately I have noticed thatmulti family houses in Boston multi family houses are not staying on the market for very long. They are being bought up very quickly both in and outside of the city.

A growing trend of people purchasing multi family houses and living in one unit while renting out the other units is big in Boston.

People are taking advantage of the growing rent costs and are jumping into the landlord game in order to live rent free.

Increasing Rent

The bottom line is that rent is going to continue to increase for the foreseeable future in The Greater Boston Area. It’s up to each one of us to decide which side of the line we’d like to be on, the renter or the owner.

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