In a recent Insights BlogCoreLogic reported that rent prices have skyrocketed since 2005. Meanwhile, the typical mortgage payment has actually decreased.

“CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005, while the typical mortgage payment was down 4% over that period.”

Boston Seaport condos

Boston Seaport condos for sale and rent

 

Why the difference between the costs of renting versus owning?

It makes sense that rents have risen. However, how did mortgage payments decrease? CoreLogic explained:

“It’s mainly because mortgage rates back in December 2005 were significantly higher, averaging 6.3% for a fixed-rate 30-year loan, compared with 4.6% in December 2018.

The national median sale price in December 2005 – $190,000 – was lower than the $220,305 median in December 2018, but because of higher mortgage rates in 2005 the typical monthly mortgage payment was slightly higher back then – $941 – compared with $904 in December 2018.”

Additionally, a recent report by the National Association of Realtors (NAR) showed that purchasing a home requires less of your monthly paycheck.

According to the Economists’ Outlook Blog, NAR’s February 2019 Housing Affordability Index showed that the “percentage of income needed” to pay the typical mortgage has decreased the last three months.

  • November – 17.3%
  • December – 16.9%
  • January – 16.2%
  • February – 15.9%

Bottom Line

What does this all mean to the current housing market? 

“The mortgage rate-driven affordability surge has arrived just in time… Rising affordability has already benefited home buyers and, if the lower rate environment persists, we’re in for a great spring home-buying season.”

 

Boston Seaport Condos for Sale

Get new listing alerts delivered to your inbox.
46 Results
3
Beds
3 | 1
Baths
2,553
SqFt
(10)
 
 
#72499357 | Condo
 
3
Beds
5
Baths
4,211
SqFt
(41)
 
 
#72571256 | Condo
 
3
Beds
3 | 1
Baths
2,462
SqFt
(14)
 
 
#72598632 | Condo
 
3
Beds
3 | 1
Baths
2,592
SqFt
(19)
 
 
#72573800 | Condo
 
2
Beds
2 | 1
Baths
1,807
SqFt
(10)
 
 
#72597625 | Condo
 
3
Beds
3 | 1
Baths
2,378
SqFt
(10)
 
 
#72569627 | Condo
 
3
Beds
2 | 1
Baths
1,959
SqFt
(14)
 
 
#72597622 | Condo
 
3
Beds
3 | 1
Baths
1,878
SqFt
(14)
 
 
#72589709 | Condo
 
2
Beds
2 | 1
Baths
1,961
SqFt
(8)
 
 
#72597801 | Condo
 
3
Beds
3 | 1
Baths
1,899
SqFt
(20)
 
 
#72613194 | Condo
 
3
Beds
2 | 1
Baths
1,539
SqFt
(22)
 
 
#72565423 | Condo
 
2
Beds
2 | 1
Baths
1,571
SqFt
(24)
 
 
#72597226 | Condo
 
2
Beds
2 | 1
Baths
1,348
SqFt
(10)
 
 
#72594836 | Condo
 
3
Beds
2 | 1
Baths
2,025
SqFt
(42)
 
 
#72571205 | Condo
 
3
Beds
3
Baths
2,131
SqFt
(12)
 
 
#72612538 | Condo
 
2
Beds
2 | 1
Baths
1,478
SqFt
(11)
 
 
#72550986 | Condo
 
2
Beds
2 | 1
Baths
1,298
SqFt
(17)
 
 
#72562057 | Condo
 
2
Beds
2 | 1
Baths
1,298
SqFt
(17)
 
 
#72613198 | Condo
 
2
Beds
2 | 1
Baths
1,255
SqFt
(20)
 
 
#72617765 | Condo
 
2
Beds
2
Baths
1,064
SqFt
(24)
 
 
#72619115 | Condo
 
2
Beds
2 | 1
Baths
1,483
SqFt
(10)
 
 
#72597283 | Condo
 
2
Beds
2
Baths
1,064
SqFt
(20)
 
 
#72613262 | Condo
 
2
Beds
2
Baths
1,030
SqFt
(19)
 
 
#72613559 | Condo
 
2
Beds
2
Baths
1,200
SqFt
(20)
 
 
#72533992 | Condo
 
© 2020 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
MLS PIN data last updated at February 19, 2020 5:40 PM ET

Boston Seaport Condos for Rent

Get new listing alerts delivered to your inbox.
20 Results
3
Beds
3 | 1
Baths
2,700
SqFt
(19)
 
 
#72546124 | Rental
 
3
Beds
2 | 1
Baths
1,909
SqFt
(28)
 
 
#72534644 | Rental
 
2
Beds
2 | 1
Baths
1,811
SqFt
(20)
 
 
#72551759 | Rental
 
3
Beds
2 | 1
Baths
2,025
SqFt
(25)
 
 
#72536391 | Rental
 
2
Beds
2
Baths
1,075
SqFt
(20)
 
 
#72615875 | Rental
 
2
Beds
2
Baths
1,068
SqFt
(20)
 
 
#72619345 | Rental
 
1
Beds
1
Baths
519
SqFt
(13)
 
 
#72613179 | Rental
 
2
Beds
2 | 1
Baths
1,359
SqFt
(15)
 
 
#72620534 | Rental
 
1
Beds
1
Baths
696
SqFt
(35)
 
 
#72601085 | Rental
 
1
Beds
1
Baths
651
SqFt
(19)
 
 
#72612057 | Rental
 
2
Beds
2
Baths
1,719
SqFt
(19)
 
 
#72620112 | Rental
 
1
Beds
1
Baths
651
SqFt
(19)
 
 
#72601643 | Rental
 
2
Beds
1
Baths
1,497
SqFt
(9)
 
 
#72576539 | Rental
 
2
Beds
2
Baths
1,019
SqFt
(8)
 
 
#72620036 | Rental
 
1
Beds
1
Baths
696
SqFt
(29)
 
 
#72620632 | Rental
 
1
Beds
1
Baths
1,008
SqFt
(12)
 
 
#72597575 | Rental
 
0
Beds
1
Baths
525
SqFt
(13)
 
 
#72616472 | Rental
 
0
Beds
1
Baths
446
SqFt
(16)
 
 
#72607762 | Rental
 
1
Beds
1
Baths
1,021
SqFt
(9)
 
 
#72615830 | Rental
 
0
Beds
1
Baths
660
SqFt
(8)
 
 
#72599489 | Rental
 
© 2020 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
MLS PIN data last updated at February 19, 2020 5:40 PM ET