Quick Glance at Afforable Neighborhoods in Boston
Updated: Feb 9, 2019
2018 was good year for Boston homeowners. According to Zillow Market Research, average home values in the Boston metro area increased 7.6% in 2018!
So what does this mean for renters? Despite excellent transportation and dynamism across the entire metro area (Especially South Boston, Brookline and Somerville), rental prices still varied widely by neighborhood.
As of February 2019, rental prices by neighborhood varied widely:
To be expected, Back Bay and Downtown Crossing came out as the priciest neighborhoods with median rents well in excess of $3000. To many people's surprise however, Cambridge remains an excellent value given the safety, location and activity of its neighborhoods.
As of February 2019, the average 1-bedroom in Cambridge went for $1950 per month!
Average rent for apartments in Cambridge:
Though rental prices in Cambridge have not increased significantly last year (almost 0%), it is worth noting that home values HAVE appreciated fast: average sales values increased 12% to $840,000! As a result, 1-bedroom units in the area now go for $615,000 on average.
Going forward, students will probably keep moving to Boston, and perhaps more will stay after graduation as biotech startups and tech firms keep expanding. The question is whether the housing stock will grow fast enough to accomodate the rising population, and much like San Francisco and New York City, Boston is a peninsula, so space will eventually run out...
Thank you for reading folks!
If you want further information, I recommend Trulia's data dashboard. Otherwise, feel free to reach out and we can have a chat.