How do they afford it? (Boston, Natick: how much, new home, neighborhoods)

[intelgal]

Hi, I am new to this forum and learning so much from it.

My husband and I just got married and bought a small newly renovated condo in Cambridge. We got lucky due to reasons of the housing market not doing so well, my parents' help in part of the down payment and his decent salary.

I want to find out what you think about the Cambridge school system. I have been receiving mixed messages. I have heard that couples who originally moved to cambridge eventually moved to suburb with good school system so they don't have to pay for private school. I have also heard that it's improving. I have also heard that there are only a few select good public schools in cambridge. Any thoughts?

I work in Back Bay boston and my husband works in Watertown, MA. We are considering buying a SFM in sometime in the next few years possibly in newton/winchester/concord/lexington/acton/sudbury/stow. Any suggestions or other town ideas? We love cambridge very much but we are unsure about the school system, and it would probably cost us 800k plus to buy a decent SFH in cambridge. Diversity would be quite important as I am Chinese and my husband is Caucasian. If possible, I do not want our child to go to a school where the population is predominantly white.

Any advice is appreciated.

[Hatless Wonder]

If you don't want your kid in a lily-white school system, your best bet is to stay in Cambridge.

[pjscdn]

I think you would find some of the towns surrounding you will have better schools than Cambridge. Cambridge is really a city in comparison, and inherits some of the problems associated with cities. The city may not attract families looking to put down roots as much as the other nearby towns. many residents work at the universities or research facilities, but move on when they start a family. I think some of these towns (Arlington, Belmont, for instance) have better reputations than Cambridge. Diversity may be an issue in some of these towns, so I'd do some research. I think I recall Newton teaches Chinese as part of its regular curriculum. That may be worthy of consideration. Also, check out today's Sunday Globe. There's an article about some of the local school districts establishing exchange programs with China. That may interest you.

[calvak]

DH & I got married in 2002. We were lucky to find a 1 BD apt for $700 a month in North of Boston. We both worked 2 jobs for 2 years and lived very cheaply and saved every dime. We ended up moving to NJ for my job in 2004. Since we both doubled our salaries in NJ, we saved a ton of money and are moving back to MA at the end of May. I am 30; he is 34. We are now ready to buy a house. We were able to purchase a townhouse in NJ. Most people I know are in their 30's and purchasing their first home.

[charolastra00]

Do people in other places really buy houses before 30 anyway? Even in the early 90s in super cheap Georgia, my parents didn't buy til my dad was 30 and they were the youngest homeowners in the neighborhood!

[brightdoglover]

I msut say, I think Acton and Lexington have many Asian people, and some South Asians, too. I read the real estate sales records, and note the changes in last names- lots of Asian names buying in the upper-scale suburbs. Newton is also quite diverse. It's all stratified by class/income, not ethnicity.
I believe people have school choices in Cambridge, and apply for their chosen schools. Not sure how good they are, as I don't have kids, but there are certainly a lot of parents who are very involved and education-oriented.

[crazyworld]

Originally Posted by calvak

DH & I got married in 2002. We were lucky to find a 1 BD apt for $700 a month in North of Boston. We both worked 2 jobs for 2 years and lived very cheaply and saved every dime. We ended up moving to NJ for my job in 2004. Since we both doubled our salaries in NJ, we saved a ton of money and are moving back to MA at the end of May. I am 30; he is 34. We are now ready to buy a house. We were able to purchase a townhouse in NJ. Most people I know are in their 30's and purchasing their first home.

It took us until we were in our 40's to buy a home. We got in before the market went nuts BUT in 9 years, our property taxes have gone from $1920.00 annual to 3700.00 (approx) a annual. We pay that through our mortgage and also our homeowners has doubled also paid through our mortgage. It has gotten crazy.
I will probably be dead before my mortgage is paid off which means that I will also probably not be able to retire as I am self-employed.
Did I mention that my interest rate is 5.75...can't get any better than that.
I have had to take on more work just to make ends meet like so many other people.
I love my home and will do whatever it takes but it is scary.

I say....buy young!

[Barkingowl]

Originally Posted by ertily

I am curious how young people starting out can afford a home in Massachusetts and many of the New England areas. Can some of the natives explain this? It is one thing for someone to live with their parents well into middle age and then eventually inherit their home, but for others how do they do it? It is another if someone just wants to rent or own a tiny condo, but how do people of moderate income afford to buy and actual home with a yard anywhere in the greater Boston area?

My brother & I inherited my parents' home in Marblehead. We couldn't afford repairing a 200 year old colonial home. He eventually moved to Philadelphia & I went back to my home in Charlotte, NC. It broke my heart to have to give up our childhood home. I had a lady ask me where we planned to move to in Marblehead for our next house. I told her that I couldn't afford to live here & that I didn't have an extra million dollars lying around to buy another house with. Maybe someday I'll win the lottery & buy a condo on the harbor.

[crazyworld]

so sorry about your childhood home.............

[Bluefly]

I think people still beholden to the conventional American Dream - house, yard, car for one family's best interest - get the most outraged at Northeastern housing prices. Logically, the Southeast is where people of that mindset are naturally going to be drawn because it still fosters that lifestyle.

In more urbanized regions, that American Dream has shifted away from the procreation mindset. I know in Washington, DC nobody got married before they were 30 or bought a house before 32 or 33. I suspect the American Dream is slowly shifting away from the yard / car.