There are some Bostonians that have not purchased a Boston condo because they are uncomfortable taking on the obligation of a mortgage. All Boston renters should realize that, unless you are living with our parents rent free, you are paying a mortgage – either your mortgage or your landlord’s Boston condo mortgage.
As a recent paper from the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
Also, if you purchase with a 30-year fixed rate mortgage, your ‘housing expense’ is locked in over the thirty years for the most part. If you rent, the one guarantee you will have is that your rent will increase over that same thirty year time period.
Whether you are looking for a primary condo in Boston for the first time or are considering a vaation home on the Cape, owning might make more sense than renting since prices and interest rates are still at historic bargain prices.
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Updated: January 2018