Saving up to buy a Boston downtown condo can be difficult, especially in expensive real estate markets like Boston Beacon Hill, where the average median home price recently hit $690,000, and even a smaller condo or loft could run you about $450,000. Those staggering prices might make homeownership seem impossible. However, if you budget wisely using something called the 50/20/30 rule, owning a Boston luxury condo of your own in even the most expensive market can be a reality.

50/20/30 Rule

The 50/20/30 rule is a simple method of budgeting that allows you to quickly and easily set aside money each month for immediate expenses as well as future goals, such as buying one of the Boston downtown condo currently on the market, without having to get a degree in accounting. The numbers refer to the percentage of your overall income that gets placed into 3 different categories:

Boston condo: 50% portion of the rule

50% — Essential needs, which includes rent, utilities, transportation, child care, and other fixed payments you need to make each month no matter what

Boston condos: 20% portion of the rule

20% — Financial goals, which includes contributions to your savings, retirement, and investment accounts as well as paying off any debt

Boston condos: 30% portion of the rule

30% — Flexible spending, which includes money spent on the things you want but don’t necessarily need, like tickets to a concert or a new pair of shoes

Bottom line

Start by determining your total monthly income. Next, take a look at your spending habits. Write down everything you spend money on in a single month, from the big things like rent and car payments to the small stuff like going out for lunch on Fridays. Place each expense into one of the 3 above categories, then do the math to determine how your current percentages break down. If you find you’re spending more in one category than another, identify places where you can make adjustments until your future spending is more in line with the 50/20/30 guidelines.

Just looking at your finances this way should help you quickly realize where your money is going and how you can do a better job of putting money toward your goal of buying a Boston condo for sale. It won’t take long before that 20% category starts to add up, leaving you with enough money to take the dive into the real estate world, even if you live in a market with soaring home prices.

If you’d like to learn more about saving techniques that can help you work toward purchasing condominium for sale downtown Boston or another neighborhood in downtown, get in touch with 92101 Urban Living today. Call us at 617-720-5454, and we’d be happy to offer some tips and show you some of the properties currently available.

Boston Condos for Sale

Back Bay Boston condos for sale 
Beacon Hill  Boston condos for sale
Charlestown Boston condos for sale
Navy Yard Charlestown  Boston condos
Dorchester Boston condos for sale
Fenway  Boston condos for sale
Jamaica Plain Boston condos for sale
Leather District Boston condos for sale
Midtown/Downtown  Boston condos for sale
Seaport District Boston condos for sale
South Boston condos for sale
South End Boston condos for sale 
Waterfront condos for sale 
North End condos for sale
West End  condos for sale
East Boston condos for sale

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



Call Now