How long do owners live in a downtown Boston condo?

Single-family

One of the most frequent questions we receive is:  How Long do buyers tend to own Downtown Boston Condos?  According to a Recent  Survey of How Long Buyers Remain in their homes, the results are quite interesting.  Since 2003:  22% of single family homeowners have been in their home 10 to 19 years, while less than 15% have owned their home for 30 years or more.

Condo ownership

When it comes to Boston condo ownership the numbers tell a very different story.  Move out rates for condo buyers tend to be considerably higher.  In fact, based on 2005 to 2007 data, 16% of condo buyers tend to move out after their first year of ownership, with a majority of condo owners holding on to their units about 7 years maximum.  The average time owners remained in their condos tended to coincide with the strength of the housing market.  In periods where the market was strong, there was a decrease in ownership.  When a condo market was slow or depressed the period of time for ownership increased.

Boston Downtown condo ownership

National averages aside, we have discovered thru experience that purchasing a Downtown Boston Condo is a lifestyle choice.   I believe that buyers choose their lifestyle first and their condo location second.   A buyer interested in a Downtown Boston condos is ultimately choosing to purchase a smaller home with more “walkable” access to work, live, and play.  Every neighborhood downtown has it’s own unique set of characteristics that would attract a very diverse set of tastes and personal preferences.  The ownership period for a Downtown San Diego condo goes hand in hand with how the lifestyle may or may not suit the owners needs at any given time.

Conclusion

There are two demographic groups that tend to buy Midtown Boston Condos.   The first demographic group is on the younger side.   Younger owners tend to be attracted to the active urban lifestyle and love living in the center of it all.  Younger condo owners tend to move out and “buy up” when they need more space for growing families, marriage, job relocation, etc.  The second demographic who purchase Downtown condos are more mature.  They tend to be either retirement age who are downsizing their lifestyle, or looking for a second home.   These purchases are more long term and ownership depends on how much time they spend Downtown.

Beacon Hill condos for sale

Boston Midtown condos for sale

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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