IN WHICH NEIGHBORHOOD SHOULD YOU INVEST IN REAL ESTATE IN BOSTON, USA?
IN WHICH NEIGHBORHOOD SHOULD YOU INVEST IN REAL ESTATE IN BOSTON, USA?
Choosing Boston as a real estate investment means investing in a quality city that thrives on commercial, cultural, and educational levels. Some even go so far as to say that Boston is THE city to invest in in the United States. However, because Boston's real estate market is so vast and diverse, it can be difficult to make a choice without a thorough analysis. Here are our tips for deciding which neighborhood to invest in in Boston, USA.
The Current State of the Boston Real Estate Market
To say that the Boston real estate market is booming is certainly an understatement. Boston is a bustling city, home to numerous colleges and universities, numerous businesses and industries of all sizes, as well as major tourist, cultural, and sporting attractions. Boston's economy is largely dominated by the service sector. Service sector workers earn high salaries, and for this reason, Boston is attracting a growing number of job seekers.
All of these factors, taken together, are driving the Boston housing market. This market, like everywhere else in the United States, is driven by the law of supply and demand, both in terms of property purchases and rentals.
Due to the large number of students, faculty, and other staff at colleges and universities, as well as the significant number of young professionals, rental real estate in Boston is particularly dynamic. Moreover, whether you're looking to invest in real estate in Boston, USA—an apartment, condo, or single-family home—you're sure to rent your property quickly.
Real estate prices in Boston, USA
If we look at the numbers, and more specifically at real estate prices in Boston, we get the following:
The median home value in Boston is $644,743, a 2.4% increase year-over-year;
The median purchase price per square meter in Boston is $758;
The median purchase value of a home in Boston is $692,200;
The median rent in Boston is $2,950
In different neighborhoods, the median purchase price for a house is as follows:
Chinatown: $1,118,700
Downtown Boston: $1,069,600
Bay Village: $1,044,900
Back Bay: $941,100
South End: $812,700
South Boston: $637,200
North Dorchester: $474,600
South Dorchester: $463,100
Roxbury: $409,200
Source: Zillow
Neighborhoods in which to invest in real estate in Boston, USA
As with any real estate investment, location isn't just about the city, but also the specific neighborhood in which the property is located. Therefore, it's important for any investor looking to invest in Boston real estate to choose a prime neighborhood.
Allston
Allston is a vibrant neighborhood in Boston. Its location allows it to meet the needs of the large university population. From an investment perspective, Allston is attractive because the median real estate price is lower than in downtown Boston.
Median home price in Allston: $480,000
Rental income: $2,580 / month
Brighton
Generally speaking, Brighton is a quiet residential neighborhood with a real estate landscape primarily composed of multi-family properties and apartments. The Brighton neighborhood is an ideal location for any real estate investor considering purchasing residential real estate in Boston.
Median home price in Brighton: $494,000
Rental income: $2,310 / month
South Boston
South Boston is a popular neighborhood for those looking to invest in Boston. It's a highly sought-after urban residential area with a rich historical heritage and preserved traditions. The rental market is particularly dynamic.
Median home price in South Boston: $634,000
Rental income: $2,710/month
Dorchester
Boston's largest neighborhood is also one of its most diverse. Dorchester is home to upscale restaurants, art galleries, parks, and boutiques. Its greatest advantage lies in its location. From Dorchester, downtown is easily accessible, either by public transportation or on your own. Dorchester is a vibrant neighborhood, with a unique mix of residents of all religions and cultures.
Median home price in Dorchester: $478,000
Median rental price in Dorchester: $2,532/month
Roslindale
Once known as the "garden suburb," Roslindale is a leafy, comfortable neighborhood ideal for long walks. There's no late-night entertainment or urban rush like in Boston, but instead, peace and quiet and a moderate pace of life.
Median home price in Roslindale: $474,000
Median rental price in Roslindale: $2,415/month
East Boston
East Boston was originally intended to connect the islands of Boston Harbor. It didn't take long for this neighborhood to become one of Boston's most attractive. To a large extent, East Boston resembles a small town surrounded on all sides by a large city. The neighborhood is closely associated with Logan International Airport, one of the busiest in the country. However, East Boston is much more than that. It boasts the most beautiful panoramic views and numerous waterfront buildings. Buying real estate in East Boston costs only slightly more than in Dorchester or Roslindale, but vacancy rates are lower and personalized offers are higher, especially if you want an apartment with an ocean view.
Median home price in East Boston: $505,000
Median rental price in East Boston: $2,454/month
Jamaica Plain
The Jamaica Plain neighborhood has evolved gradually over many years. It is characterized by green alleys and parks, where life seems to have been suspended, things moving more slowly than anywhere else in the world. Jamaica Plain residents claim to be concerned about environmental issues, and there are many trendy restaurants, quality bakeries, and traditional barbershops. Jamaica Plain is also a great neighborhood for exercising and peaceful outdoor walks, starting at dawn.
Median home price in Jamaica Plain: $590,000
Median rental price in Jamaica Plain: $2,707/month
This short guide to deciding which neighborhood to invest in in Boston has certainly been helpful. If you still have any questions, don't hesitate to contact our specialists, who will be happy to answer your questions.
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