Boston is the seventh most expensive city in the world in terms of housing costs, according to a recent Bloomberg analysis. There are many reasons to why.
- Housing/sales market is also one of the highest in the nation as well. A studio in the city can start from $400,000 and up. With that being said, most people who wanted to buy might want to rent instead. Sale market is also very competitive with multiple bids and way over asking price, it’s much easier for people to rent than trying to buy in this competitive market.
- There are plenty of tenants with money to spend on rent. In the city of Boston, most of people live with roommates. When renting a 2-bedroom apartment for $2800-$3200, they share the rent with one or two other roommates which makes the cost for each person much more affordable. There has been study where tenants spend about 30% of their income on rent in Boston. And for this reason, some are okay to pay $2500 for one-bedroom apartment. Among them, there are people who are splitting the cost of the rent.
- Boston is home to more than 30 universities, colleges, and community colleges. There are thousands of students in need of housing. With dorm cost going up every year, students find that it’s much more affordable and comfortable to live off campus by themselves or with roommates. Also, some schools are running out of rooms in their dorms as well and they’re all in need of off campus housing. Get the picture? There are thousands of students who will be needing off campus housing.
- Commuting in and out of Boston is getting tougher every year. With job market rising in Boston, more people are moving to Boston with their new job offers. Living less than 10 miles away from Boston will take over 60 minutes to get in and out of work. Boston also offers good public transportations which makes people feel there’s no need for a car. People are willing to pay little bit more for rent to live closer to their workplace and not be stuck in an awful traffic.
Despite the rents being one of the highest in the nation, Boston is a great city to live in. Boston is full of history and one of the oldest cities in the US. Boston also has many excellent colleges and universities with a highly educated population. There are plenty of attractions within the city such as Quincy Market, Boston Seaport, Boston Common, Newbury St, Downtown Boston, Harpoon Brewery, Sam Adams Brewery and more!
If you’re interested in renting an apartment or buying a house in Boston, please contact us and we’ll be more than happy to assist you!
