Thinking about buying your first Boston condo for sale?… Is now the right time? Can I afford this? Have I saved enough? Should I rent or buy? What will my monthly payments be?

Everyone knows that Boston is one of the most expensive metropolitan areas in the United States being ranked in the top five, next to New York, San Francisco and Washington D.C. The average person needs to earn just over $100,000 to qualify for the median home prices in Boston of $517,800. If one qualifies for an interest rate of 4.00% that is approximately a monthly payment of $2,372. In the last year Boston home prices  have increased about 7% while the median household income remains at $64,373 according to the US census. So what does this mean for you? Whether you are single or married how much you can afford ultimately comes down to your income level. Based on an income to monthly mortgage amount here are some figures to help put it into perspective home prices in Boston someone could afford.

Annual Gross SalaryAmounts Can Potentially Afford*
$60,000$252,000 w/ $20,000 Down
$120,000$323,000 w/$20,000 Down
$300,000$721,000 w/$50,000 Down

 

*Vary based on down payment and debt amounts, see your lender for more details.

One item you will want to think about as well is that our rents are significantly higher than most places. In Downtown Boston rents range anywhere from $2,000-$5,000 per month depending on certain factors.  In certain scenarios your mortgage may be less than what it costs to rent in Downtown Boston

We have excellent contacts to help you with the home buying process. For more information on how to rent or buy a high rise condo in Downtown Boston, contact one of our specialists today!

Author Profile

John Ford
John Ford
EXPERIENCE

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.



HISTORY

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.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
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

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