Beacon Hill condo rentals

Every year around this time, we take time to reflect and plan for next year. If you are renting a Beacon Hill condo but have dreams of purchasing a Beacon Hill condo for sale, your plan for the new year, and you wouldn’t be alone!

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market
Boston Beacon Hill condo rentals

It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market
Boston Beacon Hill condos

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a Beacon Hill condo yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership.

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Beacon Hill Condo Sales Data Updated in Real Time 

Click the kink below for Beacon Hill condo sales charts:

Beacon Hill condo sales data based on real time – 30 day tracking

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Beacon Hill Condos – Open Houses


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Beacon Hill Charity Donation

My new goal for the Fall of 2019 is to provide a percentage of our Beacon Hill Real Estate commission to fight Alzheimer’s

Select us to represent you either as a buyer or seller’s agent and we’ll give back a portion of the sales commission to find a cure for this awful disease.

  • Having a recent love one suffer and died from this illness broke my heart. Please let us work together to find a cure.
  • Ford Realty has been in business for over 20 years.
  • Ford Realty Inc has several 2019 and 2020 positive Google Reviews
  • For more information email realtyford@yahoo.com. You can call or send us a text @ 617-595-3712.
  • Thank you

 

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