Boston, Massachusetts is a city in the northeast of the United States, known for its high quality – and cost – of living. It’s famous for its collection of selective universities, colonial architecture, historical significance, and beautiful green spaces.
With so many amenities, accessible to all members of the city, the cost of living is higher than the United States average. For housing specifically, Boston is twice as expensive as the average U.S. city. It’s important to understand the Boston housing market before looking for an apartment in this city, to best understand before you commit to relocating.
What is the cost of rent in Boston?
Dreaming of moving to Boston? Before you panic about Boston’s high rent costs, familiarize yourself with data on the market so you can make thoughtful choices about relocating to Beantown.
Housing is twice as high in Boston than the United States average. The average one bedroom apartment in the United States costs $930 a month.
In Boston, it would cost $1836. Living in this city is expensive, there is now way to deny it. Arguably, the benefits and amenities that come from living in such a diverse, international city outweigh downsides of a high cost of living and high rent.
Due to the COVID-19 pandemic, rent costs are falling around the United States, making this a great time to sign as a lease, as you can most likely snag a lower deal than usual. There are different types of properties, that vary depending on size, and are priced accordingly.
Recent Trends in Rental Prices in Boston
In Boston, the average price of apartments, depending on size, go as follow:
- Studio Monthly Rent: $1639
- One-Bedroom Apartment Monthly Rent: $1836
- Two-Bedroom Apartment Monthly Rent: $2238
- Three-Bedroom Apartment Monthly Rent: $2805
Rent prices are falling, but it’s unclear when this trend will change. Now is a great time to take advantage of the current economic situation and find an apartment. Cities like Boston, infamous for their lofty rent prices, are now more affordable for the average consumer. Every cloud has a silver lining; finding an apartment in a city that used to be too pricey is a great way to make the best out of these difficult times.
Distribution of housing in Boston based on price:
- 10% of apartments in Boston cost between $1,000- $1,999 per month
- 45% of apartments in Boston cost between $2,000-$2,999 per month
- 45% of apartments in Boston cost $3,000 or more per month
Distribution of housing in Boston based on type of property:
- 3% of apartments in Boston are 3-bedroom apartments
- 19% of apartments in Boston are studio apartments
- 30% of apartments in Boston are 2-bedroom apartments
- 40% of apartments in Boston are 1-bedroom apartments
The Most Expensive Neighborhoods in Boston
Seaport
Located on the water in South Boston, the Seaport neighborhood was the fastest-growing real estate market in the entire United States in 2014. With over 75 restaurants and dozens of bars and clubs, the area became a hot spot in town. A two-bedroom apartment on average costs around $5,000, making it one of the priciest corners of Beantown.
Beacon Hill
Living in this historic neighborhood is like living in history – literally. One of the oldest parts of Boston, there are buildings here that are older than the United States. It’s a gorgeous part of town, packed with excellent restaurants and shops. In the heart of Boston, it’s no wonder this cobblestone-lined neighborhood is the most expensive in the city.
Back Bay
Back Bay is similar to Beacon Hill, for its brownstones are just as historic and gorgeous. But what sets Back Bay apart from other neighborhoods in the city is how well-planned it is. The gorgeous Victorian homes were placed by Bostonians in the 1800s with the intention of creating the perfect neighborhood. The area is right in downtown, making it close to some of the best shopping and eating Boston has to offer.
The Most Affordable Boston Neighborhoods
Allston-Brighton
Considered to be one of the safest parts of Boston, Allston-Brighton is a favorite for students and young people because of its cheap and secure housing. Because of the massive student population, there’s an avid nightlife and excellent restaurants. Also, convenient to travel to and from using public transportation.
Mattapan
This charming area is the best of both worlds. South of Franklin Park, Mattapan is only a twenty minute drive from the city. Its dense neighborhoods are connected by a trolley that can take residents to the town’s various coffee shops, parks, and restaurants.
And the best part? The average cost of rent for a two-bedroom unit in Mattapan is only a little over two thousand dollars a month.
Roslindale
Another hip neighborhood on the outskirts of the city, with the average rent price for a two-bedroom unit also being around $2,000. Roslindale has recently been transformed by the Roslindale Village Main Street Organization – its main street is lined with hip restaurants and small businesses. Roslindale is known for being an extremely safe town, as well as being great for families due to its excellent schools.
Conclusion
Like any city in the world, there are extremely expensive neighborhoods in Boston, but also more affordable options that are great for students, young people, couples, and families. With rent prices now being lower around the country, it’s a great time to move to your dream city. No matter where it is, we’ll be here to help you locate the perfect home.
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