Boston Condos for Sale
Loading...
Cost of renting a Boston condo vs. buying. [INFOGRAPHIC]
If rising Boston condo for sale prices leave you wondering if it makes more sense to rent or buy a Boston condo in today’s housing market, consider this. It’s not just home prices that have risen in recent years – Boston Beacon Hill apartment rental prices have skyrocketed as well. As a recent article from realtor.com says:
“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.”
That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you.
If You Need More Space, Buying a Home May Be More Affordable
What you may not realize is that, according to the latest data from realtor.com and the National Association of Realtors (NAR), it may actually be more affordable to buy than rent depending on how many bedrooms you need. The graph below uses the median rental payment and median mortgage payment across the country to show why.
As the graph conveys, if you need two or more bedrooms, it may actually be more affordable to buy a Boston Beacon Hill condo even as prices rise. While this doesn’t take into consideration the interest deduction or other financial advantages that come with owning a home, it does help paint the picture that it may be more affordable to buy then rent for that unit size based on nationwide averages. So, if one of the factors motivating you to move is a desire for more space, this could be the added encouragement you need to consider home-ownership.
Homeownership Also Provides Stability and a Chance To Grow Your Wealth
In addition to being more affordable depending on how many bedrooms you need, buying has two other key benefits: payment stability and equity.
When you buy a home, you lock in your monthly payment with your fixed-rate mortgage. And that’s especially important in today’s inflationary economy. With inflation, prices rise across the board for things like gas, groceries, and more. Locking in your housing payment, which is likely your largest monthly expense, can provide greater long-term stability and help shield you from those rising expenses moving forward. Renting doesn’t provide that same predictability. A recent article from CNET explains it like this:
“…if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That’s an advantage over renting since there’s a good chance your landlord will raise your rent to counter inflationary pressures.”
Not to mention, when you buy, you have the chance to build equity, which in turn grows your net worth. It works like this. As you pay down your home loan over time and as home values continue to appreciate, so does your equity. And that equity can make it easier to fuel a move into a future home if you decide you need a bigger home later on. Again, the CNET article mentioned above helps explain:
“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home that you can tap into later on. When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.”
Boston Condos and the Bottom Line
If you’re trying to decide whether to keep renting or buy a home, let’s connect to explore your options. With home equity and a shield against inflation on the line, it may make more sense to buy a home if you’re able to.
The Cost of Renting Vs. Buying a Boston Condo [INFOGRAPHIC]
![The Cost of Renting Vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2020/08/27151913/20200828-MEM-scaled.jpg)
Boston real estate 2020
Boston Condos for Sale
Loading...
Buying a Beacon Hill condo for sale
- Tips on buying a Beacon Hill condo
- Boston Beacon Hill condo buyers how to beat all-cash offers
- 5 tips on buying a Beacon Hill condo for sale
- Benefits of buying a Beacon Hill condo
- Design tips for Beacon Hill condo buyers
- Boston Beacon Hill condos for sale 5 must-know terms
- The difference between a Beacon Hill condos and a Beacon Hill loft
- Common mistakes when buying a Beacon Hill condo
- Buying a Beacon Hill condo with kids
- Is it time to ditch my Beacon Hill condo agent?
- Beacon Hill condos for sale: Do I need 20% down?
- 3 signs you’re going to buy a Boston Beacon Hill condo
- 6 principles to know when buying a Beacon Hill condo
- How to select a Boston Beacon Hill condo agent
- Boston Beacon Hill condos for sale downpayment
- Boston Beacon Hill condos finance
- Beacon Hill condos for sale what is negotiable
- Beacon Hill condos for sale: What it takes to get a mortgage.
- Boston Beacon Hill condos for sale. Understand the condo association
- How much do Boston Beacon Hill condos cost?
- Beacon Hill
- How to select a Beacon Hull broker
- Beacon Hill condos for sale: Clutter-Free
- Beacon Hill condos for sale: Security Tips
- Beacon Hill condo renters are misinformed
- Boston Beacon Hill condos for sale: Design trends
- Boston Beacon Hill condos: Fixer up
- 8 Beacon Hill condo designs
- How to sell your Beacon Hill condo using social media
- Boston Beacon Hill condo sales volume
- Wage increases make Beacon Hill condos more affordable
- Boston Beacon Hill condos the importance of high owner occupancy
- Why you should buy a Beacon Hill condo offseason
- What do these Boston Beacon Hill condo terms mean?