It is no secret that Boston is one of the most expensive places to live in the United States. Unfortunately for those who wish to call the city their home, there does not appear to be any significant relief in prices coming any time soon. In fact, Boston is ranked among the top five most expensive places to rent a one-bedroom apartment as well as one of the top six most expensive places for a two-bedroom apartment. In addition, even Boston’s most affordable neighborhoods have experienced significant price increases over the past five years.
Boston Apartment Rents Among Country’s Costliest
According to a recent analysis, Boston is the sixth-priciest city for renting two-bedroom apartments and the fifth-priciest for renting one-bedroom apartments. For a two-bedroom apartment, rent in Boston was a median price of $2,690 per month in the month of December. This put the city behind only San Francisco, New York, Los Angeles, Washington and San Jose. For a one-bedroom apartment, the median price was $2,250 per month with all of the same cities but Los Angeles being pricier than Boston. Experts do maintain that apartment rents in Boston are starting to plateau, however, and that they may actually start to fall this year.
Boston’s Most Expensive Neighborhoods
Additional research has found that Bay Village is the Boston neighborhood where prices have increased the most since 2012. The smallest official neighborhood in the city, Bay Village experienced a price increase of $533,500 during this time. The following cities rounded out the top 5 neighborhoods with the greatest median price increases in Boston:
- Financial District: $321,000
- South End: $294,500
- Chinatown/Leather District: $285,000
- Beacon Hill: $280,000
In two of the city’s neighborhoods, East Boston and Roxbury, the median sale price essentially doubled from 2012 to 2017. Given the fact that these neighborhoods are among the most affordable enclaves in the city, these news may be quite distressing for some of Boston’s residents.
Buying in Boston
Despite these disturbing price trends, it is possible to live in or near to the city without breaking the bank. In addition to affordable housing options, many of the smaller cities around Boston offer affordable alternatives for those who cannot afford to pay the prices within the city. As an added benefit, these cities offer a number of amenities that are similar to those found in Boston, while Boston itself remains within a short distance away.
Given the rich history that Boston has to offer coupled with its immersive culture and excellent employment opportunities, it is easy to understand why Boston real estate is in such great demand. To ensure you get the right property to meet your needs while also remaining in your budget, it is essential to work closely with an experienced real estate agent who is knowledgeable about the many real estate opportunities that Boston has to offer. In this way, you can take full advantage of the best deals available without having to sacrifice the features that you really want and need in your Boston home.