Examining Rent and Purchase Costs for Homes in Boston

Ed Greable Blogger June 5, 2018

From rental costs to the cost of purchasing a home in Boston, most people looking for a home in Boston will find that the prices just keep going up. Here is a look at some of the most recent market data for renting and buying in Boston.

Rental Costs Continue to Remain High Throughout Boston

In terms of rent, some areas of Boston saw an increase in costs while others went down. In West Roxbury and the South End, for example, the median price of a one-bedroom increased by about 10 percent when comparing winter costs to spring costs. On the other hand, Mattapan and Hyde Park each saw a drop in costs.

Despite these fluctuations, some neighborhoods have remained decidedly more expensive than others. For example, the South Boston Waterfront – also referred to as the Seaport District – is the most expensive with a median rent cost of $3,060 at the start of spring. Downtown Boston comes in at a close second at $3,000 per month while Chinatown/the Leather District is third at $2,800. The South End was not far behind with a median rental cost of $2,750 for a one-bedroom apartment at the start of spring.

Among the less expensive areas in Boston, including East Boston, Hyde Park, Mattapan, Roslindale and Roxbury, at least half of the one-bedroom units had a median rental cost of at least $1,500 per month at the start of spring.

Hyde Park Homes Among Boston’s Most Affordable

When it comes to purchasing a home in Boston, Hyde Park remains one of the city’s most affordable. With prices typically ranging from $196 to $419 per square foot, the average cost for a market-price home in Hyde Park is around $285 per square foot. Within the city itself, the only two neighborhoods that are more affordable than Hyde Park are Mattapan and Codman Square. Meanwhile, within Hyde Park itself, the most affordable listing in May was located on River Street with a price of $196 per square foot. The most expensive listing during that same month was on Cummins Highway with a listing price of $419 per square foot.

Several Boston Neighborhoods Boast Homes Averaging More than $1,000 Per Square Foot

While Hyde Park offers a less costly option for those who are looking to purchase a home in Boston, there are several neighborhoods where the average home price is $1,000 or more per square foot. Among these is the South End where a recent analysis of April listings found that the average cost for a home in the neighborhood is $1,099 per square foot. Overall, homes within the neighborhood range in price from $575 to $1,498 per square foot. Within the neighborhood, the most affordable properties are in the area nearer to the Roxbury border. Similarly, the most expensive homes in Roxbury are those that are near to the South End Border.

Other Boston neighborhoods where home prices average $1,000 or more per square foot include the Back Bay, Bay Village, Beacon Hill, Fenway/Kenmore/Audubon, Seaport and Theatre District neighborhoods.

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