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Old 06-04-2017, 04:55 PM
 
Location: New England
1,925 posts, read 1,071,445 times
Reputation: 1682

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Frankly the average salary is higher in Boston and the unemployment rate in the Boston area is one of the lowest in the country.

People with kids and two parents are in their prime earning years. I'd say that the average income for households of people in their prime working years is much higher than 82k a year. The 82k a year includes retired people making little to no income and single people just out of college.

The per capita income of Brookline is $65,340 That means that for five people the average income would be about $326,700.

The average family income is about 160k. Again this includes retired couples.
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Old 06-04-2017, 05:27 PM
 
42 posts, read 26,553 times
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Ok, so maybe I need to get much farther out. What about suburban towns of Hopkinton, Milford or Chelmsford? I can manage a 45 minute commute and the home prices don't seem as outrageous.
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Old 06-04-2017, 05:34 PM
 
2,769 posts, read 2,212,591 times
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Quote:
Originally Posted by BaustinTejas View Post
Ok, so maybe I need to get much farther out. What about suburban towns of Hopkinton, Milford or Chelmsford? I can manage a 45 minute commute and the home prices don't seem as outrageous.
Those are 45 minute commutes at 3 am; realistically they are 90 minute each way door to door commutes during rush hour. Hopkinton is too expensive for you. Milford is probably the only place you can semi-afford.
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Old 06-04-2017, 05:50 PM
 
42 posts, read 26,553 times
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Quote:
Originally Posted by Dm84 View Post
Those are 45 minute commutes at 3 am; realistically they are 90 minute each way door to door commutes during rush hour. Hopkinton is too expensive for you. Milford is probably the only place you can semi-afford.
Actually, I am not going into detail but I do have enough savings for a more than average down payment. I can do anything below 500k with some reasonable arrangement, so that is the line I am looking at.
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Old 06-04-2017, 06:00 PM
 
Location: New England
1,925 posts, read 1,071,445 times
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You could easily find something for 500k in Chelmsford.

The commute to Brookline would suck though.

Natick would be a good option. Natick has good schools and a commute to Brookline would be much easier.
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Old 06-04-2017, 06:15 PM
 
418 posts, read 247,283 times
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I heard Acton is popular amongst tech folk, I think there is a fast train into Boston? with a switch into Cambridge? Driving doesn't sound stress free due to traffic though...

I know the Acton schools are very highly rated. It may not be as 'prestigious' as Brookline/Newton but in terms of schools I think its higher-rated?

500k looks to get something 'comfortable', probably 1,500 sqft, but certainly not luxury or fancy. Its probably going to be shock when compared to a lower COL place.. but unfortunately its reality for the folks here.

Someone familiar with all these 3 towns can chime in...
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Old 06-04-2017, 06:18 PM
 
Location: East Coast
2,771 posts, read 1,575,899 times
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Quote:
Originally Posted by rethcir View Post
Hard to find single family housing under maybe 900k-1mil these days in Brookline.
A SFH? In Brookline? No. A condo? Yes, although one big enough for 5 would be on the low end.

Quote:
Originally Posted by BaustinTejas View Post
I am the only earner. Thanks, I was thinking this was that case, but this confirms it. Newton may be more realistic
While Newton IS cheaper than Brookline, not by a whole lot.

Quote:
Originally Posted by bugelrex View Post

The bad news is, you can forget about buying anything with a decent commute with only 100k income, that only gets you a 300k to 400k loan amount. And you would definitely want a 4BR for long term sanity...

Which location is your job?
The question is not the cost of the house but the monthly payment. OP may have other savings, and may have home equity that would be used toward the purchase of a new home.

For $600K, OP could get a great house in Chelmsford. For 500K, he should be able to get something there. I think Chelmsford is definitely worth considering.
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Old 06-05-2017, 07:30 AM
 
308 posts, read 195,201 times
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Depending on where in Brookline you work, living on the South Shore and learning how to take the back roads (through E. Milton, Mattapan Arborway, etc.) may be something to consider.

With a budget of 500, you run into issues, albeit not as pronounced as other areas. You could find something in Braintree, but it will probably need work. It's a hot area with solid schools, but IMO is way overpriced. You could definitely find something in Weymouth, but all the schools except Academy Ave. and Pingree suck, so that's a tradeoff.

But if you learn the tricks and shortcuts, you can keep your commute to an hour give or take 10 minutes.
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Old 06-05-2017, 07:34 AM
 
2,769 posts, read 2,212,591 times
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Quote:
Originally Posted by MrLinderman View Post
Depending on where in Brookline you work, living on the South Shore and learning how to take the back roads (through E. Milton, Mattapan Arborway, etc.) may be something to consider.

With a budget of 500, you run into issues, albeit not as pronounced as other areas. You could find something in Braintree, but it will probably need work. It's a hot area with solid schools, but IMO is way overpriced. You could definitely find something in Weymouth, but all the schools except Academy Ave. and Pingree suck, so that's a tradeoff.

But if you learn the tricks and shortcuts, you can keep your commute to an hour give or take 10 minutes.
This is only feasible if you leave the house before 6:30 am. The commute in the afternoon would need to begin by 4 pm. Even then, it could easily take more than an hour.
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Old 06-05-2017, 07:37 AM
 
308 posts, read 195,201 times
Reputation: 445
Quote:
Originally Posted by Dm84 View Post
This is only feasible if you leave the house before 6:30 am. The commute in the afternoon would need to begin by 4 pm. Even then, it could easily take more than an hour.
I do it 2 or 3 days a week on the backroads. It's about an hour each way at 7:30 and 5:30. Granted I know all the tricks and shortcuts, but once you learn them it's not that bad.
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