I just read an interesting article, it stated Boston condo ownership/sales in Greater Boston are on the decline. Boston condo sales are projected to show a decline of 4.1%. One reason for the drop is that younger Boston residents are marrying later and many are overburden with college debt. In 2008, Boston homeownership rate was at 65.5%, the rate dropped to 58.9% in 2016. The 2017 rate has yet to come out, but its projected to rise, yet still be under 60%.
Since 2010 the Boston apartment vacancy rate has been below 3%. However, with more Boston apartments being contructed, especially in the Boston Seaport District, the rental vacany rate incresed to 4.7% in 2017. Most vacancies appear to be in the luxury apartment market. In 2017 the Boston proper apartment rents moved dowward for the first time since 2011. The drop in apartment rent was less than 3%.
The conclusion of the report stated that Boston in the past year witnessed both good and bad news for Boston condo owners and renters. the good news, employment is strong and as a result wages are increasing. The bad news, even though wages are increasing so are Boston condo home prices and apartment rents. More than half on Boston renters are paying more than 30% of their income for an apartment.
Contact me to find to set up an appointment to start your Boston condo buying process.
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Updated: January 2018