Boston is famous for its pricey properties. As one of the most expensive cities in the entire United States, you’ll find hundreds of luxury properties to rent. These are also some of the most well-advertised properties and you’re probably overwhelmed with them when you search real estate in Boston, making you believe this city is way out of your budget.
Fear not! Boston is a big city with a rich history and can be difficult to navigate as an outsider. Learn more about some of the best places to live in Boston if you’ve got a tight budget to follow.
Why is real estate so expensive in Boston?
According to the Big Boston Brokerage Association and Warren Group, a Boston research firm, homes sold for 7% higher in early 2020, with the average house cost in Boston reaching $655,000. To put that into context, the average home in the United States costs less than $200,000.
These trends are higher for apartments, which rose 9.4% in 2020, raising the average apartment cost in Boston to $700,000. Real estate is getting more expensive in the city.
Let’s look at some of the reasons why Boston has some of the highest rent prices in the country:
All-Season High Demand
Boston has a growing population. This is mainly due to a great economy and job growth in the city, attracting new residents and maintaining the current. Demand is high to live in Boston, and as demand increases, so does cost.In this case, this specifically applies to high rent prices. Home turnover is high in Boston, as new residents continually move in.
Low Inventory
Nationally, there’s a housing shortage. There’s not enough residential real estate to keep up with the demand on it. Much of that has been exasperated by the COVID-19 pandemic, as many people are relocating to different parts of the country for personal and medical reasons. New construction is attempting to keep up with the demand, but it’s just not enough to keep up with the number of prospective homeowners.
Sought After Housing Disappearance
Certain areas of the city and the suburbs are more popular than others. There are a number of different factors causing this. One is the location of schoolings, like universities and public schools.Students and faculty attempt to move near their universities, raising rent prices in the area due to the demand. This also happens for public schools as well, as families move to neighborhoods with well-rated public schools, raising the price of housing in the area.
How to Find a Cheap Apartment in Boston
Rent prices in Boston vary on a variety of factors: season, time the listing’s been on the market, and the general health of the economy can greatly affect the price of an apartment. There are a few tricks to navigate this complex market.
It’s typically thought that one should not spend more than 30% of their income on their housing costs. So your rent and utilities bills should not exceed approximately a third of your salary.
Affordable differs per person. Calculate this for yourself and see what your budget is for your future apartment.
Here’s a few things to keep in mind when searching for your dream home:
If you find a place you like on the internet, don’t wait!
Contact the agent or owner with the information listed immediately for a viewing or to begin bargaining. Internet listings are often infrequently updated, and you won’t want to wait for someone else to snag it before you. Be proactive when searching online for housing in Boston.
Make sure you have all the required personal and financial information needed before you commit to moving to an apartment
You’ll need a credit score, secure payment method, and maybe a list of previous addresses and jobs. Be sure to have all the documentation lined up when searching to find an apartment so you won’t have to scramble for a piece of information.
Keep an eye out for any information offered specifically for first-time buyers
The national and state government creates programs to make the process easier, or perhaps a real estate agent is offering benefits to first time renters. Keep an eye out for these types of offers.
Check out the neighborhood before you sign the lease
The listing may seem perfect in person, but you’ll want to make sure you know what you’re getting yourself into. It’s recommended to visit the neighborhood before renting, and if that’s not possible, at least do diligent research on the internet and find multiple perspectives.
Make sure you know exactly how much you’re paying for
Ask questions to ensure you fully understand every single charge you’ll be billed for monthly. Understand your utility bill to make sure you’re actually using everything you’re paying for.
Avoid using brokers, as they charge lofty fees unnecessarily.
Recommended Neighborhoods
Cambridge
Cambridge is famous for being the home of two of the best universities in the world: Harvard University and the Massachusetts Institute of Technology. Other than its educational institutions, Cambridge is a great neighborhood with plenty of affordable rental properties.
Boston is one of Boston’s biggest neighborhoods, with a population of a little over 100,000, making it a little city just over the river from the bigger one. Cambridge is an extremely popular neighborhood, known for its great schools, restaurants, and location.
Cambridge is a short train ride away from downtown Boston, as its located directly across the Charles River from the heart of the city. It is the perfect mix of urban and residential, with lots of cute family homes, conveniently near the universities and the city center.
Brookline
Brookline is slightly outside of central Boston. Its population is almost 60,000 and it still feels like an active, busy part of the city. This is a great area for people with or expecting children, for the public elementary, middle, and high schools are considered some of the best.
With about half of the properties in Brookline being rentals, there are plenty of opportunities for those looking for short-term leases to settle down in this town for a while. Brookline is also conveniently located on train lines, making it extremely easy to commute in and out of the city for work, school, or just to spend time in Beantown for the day.
Newton
Newton is another large town a little bit outside of downtown Boston. This is another excellent location for families, with its incredible public schools. The high school was recently renovated, it has received the largest renovation budget of any public high school in American history, with $2 million dollars invested into the project.
The town is on the larger side, with over 88,000 people calling Newton home. It’s considered a dense suburban area. Newton can be a tougher area to rent, for only about a quarter of its properties being short-term rentals. Still, Newton is an amazing town, conveniently located on train lines for easy access to downtown.
