Boston apartment vacancy is extremely low at 0.43%, leaving renters with few options to choose from. On another front, interest rates to buy a home are extremely high right now after the Fed raised rates for the fourth time- and are expected to raise them for a fifth time soon. Mortgage rates are currently sitting at around 6% for a 30- year fixed mortgage in Massachusetts. Many people are confused right now- should they rent or should they buy?
While there are currently 700 apartments for rent in Greater Boston, there are 1,489 Boston homes for sale. It’s time to take a close look at your priorities, your financials, and your long- term goals. Renting allows for more flexibility, but if you know Boston is home then consider the benefits homeownership might provide you with. Let’s compare Boston apartments vs. Boston homes with comparable monthly payments.
All estimates assume 6% interest rate & 20% down payment.
Area of Boston: Allston
The spacious eat-in kitchen in this Boston apartment has high-quality wood cabinets, solid countertops and appliances that include a stove, dishwasher, refrigerator and built-in microwave oven. A conveniently easy-to-clean tile floor completes the design. The bedrooms are large and filled with natural sunlight. They all offer good closet space. The recently refinished wood floors shine bright throughout the unit. This NO FEE apartment is located nearby a few different public transportation options.
Approximate Monthly Payment: $4,950
Square Feet: 1,478
This is one of only a few single-family colonial-style homes available in Allston. For a similar monthly payment, you can enjoy an extra bedroom, and an additional bathroom, all while building wealth and equity.
The eat-in kitchen in this home has been recently refinished. It features light wood cabinets, dark granite countertops, and stainless-steel appliances including the stove, refrigerator, dishwasher, and countertop microwave oven. There are beautiful wood floors, with…