Here’s a Boston condo buyers story which I think a lot of Millennial’s will be able to relate to:
I’m a pretty typical millennial. I dye my hair purple. I have a Harry Potter tattoo. I drive a Prius.
But in one way, I’m atypical for my generation: I just bought a Boston condo for sale
Just a year ago, data showed the median age of people buying houses was on the rise, and likely to continue going up.
In downtown Boston, though, things will be different. Rents are rising and scores of people are moving to the city. That’s driving rents up, which will encourage millennial’s like me to buy Boston condos for sale.
Many in my generation are burdened with student loan debt and even as Beacon Hill apartment rents rise, will be unable to afford to buy a downtown Boston condo. When you ask housing experts why millennial’s don’t buy homes, student loan debt is the most common reason they give.
A growing number of Boston millennial’s are working for the tech industry, however, which tends to pay well and could help mitigate the issue of debt.
I’m 24 years old, smack dab in the middle of the millennial generation, and today I’m signing final papers on my first Boston condo.
More millennial’s will join me. As my generation ages and rents continue to skyrocket, Boston’s already-crowded housing market is about to get seriously intense.
Yes, I was attracted by the historically low interest rates and the freedom of getting to tear down and paint my walls in my Boston condo
But the single biggest thing that convinced me it was the right time to buy was the jump in Beacon Hill apartment rent prices. The rent on my one-bedroom apartment in Beacon Hill went up nearly 5 percent in September, and that’s happening across the city.
Data from Seattle online real estate company Zillow (Nasdaq: Z) shows rents in Boston increased in the last year to a median price of $2,210 per month. For many millennial’s, that’s downright unaffordable.
I began my home search online, scouring Zillow and Redfin listings. Then I realized I had no idea what I was doing so I enlisted a knowledgeable Boston real estate agent to take me through the (many) twists and turns of buying a Boston condo
I’m not the only person of my age jumping into home ownership — the rate at which homes are flying off the Boston real estate market suggests that other millennial’s are getting in on the action.
The two biggest reasons people decide to buy homes are when they get married and have children, and millennials are just getting to the age when they hit those milestones.
But as the rents continue to rise, and our generation hits some big milestones, Boston millennial’s will buying Boston condos for sale in herds.
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