Boston Condos for Sale and Apartments for Rent

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Living in Boston and MA is expensive

LIVING IN BOSTON

Boston is a very large coastal city located in the state of Massachusetts. With a population of 675,647 people and 206 constituent neighborhoods, Boston is the largest community in Massachusetts. Boston has an unusually large stock of pre-World War II architecture, making it one of the older and more historic cities.

Boston Home Prices

Boston home prices are not only among the most expensive in Massachusetts, but Boston real estate also consistently ranks among the most expensive in America.

Boston’s Workforce

Boston is a decidedly white-collar city, with fully 89.45% of the workforce employed in white-collar jobs, well above the national average. Overall, Boston is a city of professionals, managers, and service providers. There are especially a lot of people living in Boston who work in management occupations (11.67%), office and administrative support (10.64%), and business and financial occupations (8.52%).

Also of interest is that Boston has more people living here who work in computers and math than 95% of the places in the US.

Boston College Students Housing

In addition, Boston is a major college town that has a very high percentage of its residents over 18 years old who are college students. Naturally, collegiate life has a major influence on the local Boston culture, lifestyle and music scene. In fact, Boston is one of only a few big cities that are also major college towns. The combination of big city status and thousands of college students gives Boston on one hand, a sophisticated style, while on the other also provides a youthful feel and lots of diversions and entertainment for students. Believe it or not, Boston is one of the biggest “college towns” in America, generating lift to the economy of the entire region, and issuing forth thousands of newly-minted college students every spring, powering the innovation economy, the arts, and a lively club scene.

Boston’s Young Professionals

This makes Boston a good place to live for young professionals. With so many people in this demographic, Boston presents many opportunities for single professionals to enjoy themselves, socialize, and to create lasting relationships.

One of the nice things about Boston is that it is nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Because of this, visitors and locals will often go to these areas to take in the scenery or to enjoy waterfront activities.

How much is the average monthly apartment rent?

How much does it cost to live in Boston for a month? The average cost of living in Boston for one person is $2,899 per month. This places it squarely in the top 1% of the most expensive cities in the world! It also ranks as the 26th most expensive city in the U.S. (out of 2,202 cities) and the 31st most expensive in the world (out of 9,294)

What is the median price of a downtown Boston condo?

The median condo price was up 14.2 percent, to $668,000. Downtown ( also called Midtown). The average price was $1,917,286, a 49.6 percent increase from the first quarter of 2019, and the average per foot was $1,218, an 18 percent increase

Boston Commute if you live outside of downtown Boston

One downside of living in Boston is that it can take a long time to commute to work. In Boston, the average commute to work is 32.37 minutes, which is quite a bit higher than the national average. On the other hand, local public transit is widely used in the city, so leaving the car at home and taking transit is often a viable alternative. In addition, it is also a pedestrian-friendly city. Many of Boston’s neighborhoods are dense enough and have amenities close enough together that people find it feasible to get around on foot.

Downtown Boston’s Public Transportation

Boston, like many big cities in America, has a public transportation system, but the citizens of Boston are lucky because theirs is one of the most extensive and widely used. Many commuters choose to leave their cars at home and instead use the subway to get to and from work. In fact, for some people it is feasible to forgo car ownership entirely, avoiding the cost and headache of driving in heavy traffic. The benefits include reduced air pollution and load on the road network.

Boston’s Average Yearly Income for condo owners and apartment renters

The per capita income in Boston in 2021 was $63,751. A good hourly wage in Boston is $25.48 per hour based on 2021 stats.

Boston’s ethnically Diverse

Boston is an extremely ethnically-diverse city. The people who call Boston home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Boston residents report their race to be White, followed by Black or African-American. Boston also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 19.84% of the city’s residents. Important ancestries of people in Boston include Irish, Italian, German, English, and Haitian.

Foreign born people are also an important part of Boston’s cultural character, accounting for 28.30% of the city’s population.

The most common language spoken in Boston is English. Other important languages spoken here include Spanish and French.

Boston condos
Boston condos for sale

Here’s where you can look at Ford Realty’s Google Reviews

Boston Luxury Condos for Sale

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Living in Boston and MA is expensive

  • Housing costs are increasing. Housing costs continue to increase disproportionately to income. Between 2000 and 2019, the median renter income in downtown Boston increased by just slightly, while the median Boston apartment rent is on the rise

 

  • Cost burden disparities magnified. The cost-burden disparity for renters and homeowners of color is stark. White renters are cost-burdened. black renters’ households — pay more than they can afford on housing.

 

  • Wages are not keeping up with housing costs. Of the top five in-demand jobs in the state, three do not earn enough for quality housing to be affordable. Relatively low-earning positions central to the healthcare industry, particularly home health and personal care aides and nursing assistants, are expected to see some of the largest increases in demand over the next ten years.

Housing costs are likely to keep rising at least for the next decade or so. The problem is twofold. We need more higher-paying jobs and more affordable housing.

More than half of all Boston apartments renters paying an average of  $2,000 a month for a little over 600 square feet. The shortage of homes for sale and affordable housing will continue to drive rents and homes prices up in 2021.

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Boston Luxury Condos for Sale

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I don’t see a solution to this problem.  The land is expensive, housing is expensive because there’s nowhere to build.  Maybe losing population will help lower prices by reducing competition for homes … wait, that sounds crazy.

By Scott S. Greenberger, Boston Globe

Propelled largely by high housing costs, Boston is now the most expensive metropolitan area in the country, outpacing Washington, D.C., San Francisco, and even New York City, according to a report that will be released today.

The report found that last year, a family of four living in the Boston area needed $84,656 to cover its basic needs. This was $6,000 more than in New York City, and about $7,000 more than in San Francisco. Living expenses, which include healthcare, child care, and other basic needs, were $44,000 or less in Austin, Texas; Chicago; Miami; and Raleigh, N.C.

The third annual ”Housing Report Card,” produced by the Boston Foundation and the Citizens’ Housing and Planning Association, concludes that even an uptick in housing production could not halt the relentless climb of Greater Boston’s housing prices, which are increasing far more rapidly than are wages.

The result: In 2004, there were only 27 Boston-area communities in which a household whose members made the median income could afford the median-priced home in that city or town.

Complete article: Report rates Boston most expensive city

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