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I know there was recently a thread on why people left Massachusetts and regrets but I was wondering specifically about people that have left Massachusetts due to the high COL or people who have struggled with the high COL in Massachusetts and stayed here.
My bf and I are renting in Quincy and our total income is about $85,000. We are both in financial services. We are in our mid-twenties and getting sick of apartment living and want to look to buy something in the next year or two and are not interested in condos. The calculators I've run on different websites have said the most house we can afford is something between $230k and $260k, which pretty much prices us out of Southeastern Mass. The only things we could afford in that price range seem to be short sales or fixer uppers, and we're not so handy around the house. Not really sure that we would be interested in Central or Western Mass since I know getting a job would likely be trickier and my bf is not too fond of the idea. Honestly, we're only in Boston due to our jobs and this winter has practically put me over the edge. The only things that make me want to stay in this area at this point is we grew up here and our whole families are here (although at times the second reason makes me want to go a little further away too). So we've been toying with the idea of moving someplace a little more affordable/less brutal winter-wise. I know everyone always says not to move just because of COL but it is really frustrating when things are so expensive that it's difficult to build a life for yourself.
I know the most important thing is being able to get employment in a place you might move to but now I'm just trying to figure out if moving is even something worth doing.
Last edited by Carrie0930; 02-05-2011 at 10:40 AM..
Reason: Addition
To keep it brief...I've had to make adjustments (downscaling) to how I live in order to stay here. For me at least the trade-off is worth it.
In RI the cost of living is remarkably lower, and a cheaper yet nice house would be easy to come by. Thanks to commuter rail, the trip from downtown Providence to South Station takes no more than roughly an hour. Service expansion to the T. F. Green Airport was recently launched, and track upgrades are in the works to extend the "purple line" to Wickford. It isn't particularly realistic to contemplate a move out that far unless you leave vehicles at home, the way I-95 backs up during peak hours.
There seems to be a collective mental barrier thrown up at the MA/RI state line that I've never understood. If I were in the same position as the OP I'd be extending my search to the Ocean State. The only issue to resolve would be urban vs. suburban, both environments being represented there.
I just did a quick search on realtor.com and there are lots of nice, newer condos for sale in Quincy and Braintree in the $250-300K range.
Is your boyfriend going to end up being a husband? You probably want to iron out that situation before you consider buying real estate together. If you are planning on getting married, then save $25-40K for a down payment and then enlist a good Realtor to help you look.
I just did a quick search on realtor.com and there are lots of nice, newer condos for sale in Quincy and Braintree in the $250-300K range.
Is your boyfriend going to end up being a husband? You probably want to iron out that situation before you consider buying real estate together. If you are planning on getting married, then save $25-40K for a down payment and then enlist a good Realtor to help you look.
Yes, we are planning on getting married in the next couple of years but having a house is really important to him and doesn't want to rent while married.
The problem is owning a condo is not something we're particularly interested in at this point. We don't like the idea of paying a condo fee and I'm afraid that if we did settle on a condo for a medium term goal that it would be really difficult to sell in the future because there are tons of them.
don't like the idea of paying a condo fee and I'm afraid that if we did settle on a condo for a medium term goal that it would be really difficult to sell in the future because there are tons of them.
My thoughts are the same as yours. Unfortunately houses at the lower end of the price range are either really outdated and needs lots of work or really tiny or on a busy street. Save money aggressively for your homebuying if you'll stay in the area. No other way around it.
My thoughts are the same as yours. Unfortunately houses at the lower end of the price range are either really outdated and needs lots of work or really tiny or on a busy street. Save money aggressively for your homebuying if you'll stay in the area. No other way around it.
It's nice to hear someone that says that about condos. Whenever I talk about wanting to buy a house all I ever hear is "what about condos?" I mean I'm sure they're great for a lot of people but I just know that's not what I want.
There's no way I'd ever buy a condo.Most HOA's are usually run by a bunch of old people on a power trip,think Seinfeld episode. If something needs repairing and the costs are more than planned you'll get an assessment and you're stuck paying it whether you can afford it or not.It happened to my parents and it started out as a few thousand dollars and ended up costing everyone $10,000.00!
If you ask me "Condos" are just a glorified name for an apartment complex.You have no privacy and and even though you technically own your unit you have virtually no say what goes on around the grounds. Don't like the way they plow or cut the grass,to bad you're stuck paying for it anyways.At least with your own home you can always get someone else if you don't like the service.You're also right about resale,the markets flooded with condos and they're harder to sell,unless you happen to be in a extremely desirable one.If you are then you're going to be paying just as much as a house.I've worked on 4 different condo projects in my area and people are having a hard time selling them right now,some even below what they paid for them. I'd move to a new area before being stuck in condo.Good Luck!
It's nice to hear someone that says that about condos. Whenever I talk about wanting to buy a house all I ever hear is "what about condos?" I mean I'm sure they're great for a lot of people but I just know that's not what I want.
Same Here!! By the time I pay $2000K a year on HOA fee (non tax deductible), assessments, etc... owning a Condo is not 'cheap' maintenance compared to owning a home.... most people don't think that thru.... not their money. Very rarely do you own a condo so desirable that you can sell in a month or two, especially in suburbs where condos/townhouses are everywhere and newer ones popping up all the time.
I can't control who lives next door sharing my wall... hoarders, smokers, barking dogs, etc. No thanks.
Why wouldnt' you move for COL? If I could get the education for my kids in a more affordable state, I'd move in a heartbeat! I've lived in a state with a much MUCH lower tax burden and home prices that are half the cost of homes here, and my overall quality of life was better.
I don't dislike MA at all. And we will stay here as long as we can. But if I didn't feel I had to be here for my children, I would definitely move some place where my dollar went further and I could save more for retirement.
I know there was recently a thread on why people left Massachusetts and regrets but I was wondering specifically about people that have left Massachusetts due to the high COL or people who have struggled with the high COL in Massachusetts and stayed here.
My bf and I are renting in Quincy and our total income is about $85,000. We are both in financial services. We are in our mid-twenties and getting sick of apartment living and want to look to buy something in the next year or two and are not interested in condos. The calculators I've run on different websites have said the most house we can afford is something between $230k and $260k, which pretty much prices us out of Southeastern Mass. The only things we could afford in that price range seem to be short sales or fixer uppers, and we're not so handy around the house. Not really sure that we would be interested in Central or Western Mass since I know getting a job would likely be trickier and my bf is not too fond of the idea. Honestly, we're only in Boston due to our jobs and this winter has practically put me over the edge. The only things that make me want to stay in this area at this point is we grew up here and our whole families are here (although at times the second reason makes me want to go a little further away too). So we've been toying with the idea of moving someplace a little more affordable/less brutal winter-wise. I know everyone always says not to move just because of COL but it is really frustrating when things are so expensive that it's difficult to build a life for yourself.
I know the most important thing is being able to get employment in a place you might move to but now I'm just trying to figure out if moving is even something worth doing.
My wife and I were in the exact same predicament as you! Back in 2006, we were looking to buy our first property (height of the market) and we were priced out...We could barely afford some of the surrounding Boston towns and started looking in Somerville, Watertown, Lowell...Even then, we weren't exactly thrilled...
We decided to leave Mass and move to NC. We have been in NC for 4 years now but are ready to move back...While the change was nice, I wish I had opened my options while looking in Mass...I never considered the places that I really liked like Providence, Portsmouth, NH, New Bedford. I was just set on living directly in Boston...
The thing about NC is, for us, we missed family too much. We found we were using our vaca time to see family and hardly anyone visited us. The weather is great and everything and things are good here, but there's nothing like home I guess...I miss a lot of little things about New England. yeah it's cold and winters are depressing, but you can deal with those things by taking up winter sports, visiting family in other parts of the state or New England. Jobs market is good here but the job situation here is odd because it seems you have to know people just to get an interview when in New England, they look at resumes overall and not only by referrals...Not sure why it's like that here but it seems like the norm and everyone knows it...The other thing is that there are tons of overqualified people here to compete with. You'll notice when you go out to bars/restaurants, most are college grads or even grads whom are in post graduate studies.
We will be moving back this spring but to the Southcoast as my wife will be attending school at UMass-Dartmouth...yeah she could have saved tons of money here in NC as post graduate is MUCH cheaper, but she just wanted out and needed to come back. She had a hard time adjusting here and while I had an easier adjustment and think the area is nice, but it just does not compare to New England and being close to family. We don't regret moving here as we learned a lot about ourselves here and also got an opportunity to purchase two fixer upper properties (one our main home and the other a beach condo) making the same kind of combined income you are (we pretty much make the same), but things here are starting to get comparable to New England prices...
We are finding the Southcoast has a lot to offer and hopefully with the expansion of the train, things won't be so bad if one of us were to work in Boston...best of all about the Southcoast, it will be affordable!
First time home buyer tip: Don't rely on those calculators that tell you how much you can afford...Do your own math on what a monthly mortgage will cost factoring in property taxes, fees, and PMI (if you don't have down payment money). With your income level, you really should not be going for a mortgage of anything higher than $150k if you want to live a comfy lifestyle. (So if you can come up with a down payment of 30k for 180k house, do it). Trust me...It sucks when you work just to pay your mortgage and bills...We had a $175k mortgage and we had to budget around everything (mostly because I had no down payment thus PMI was charged and I had a HOA fee).
I understand you don't want a condo or fixer upper so Keep looking and open your options up to 2/3 family homes (rent income), foreclosures, HUD homes, and up and coming cities/towns...Some sweat equity could be a simple as painting and new flooring...Both done in one weekend...
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If something needs repairing and the costs are more than planned you'll get an assessment and you're stuck paying it whether you can afford it or not.It happened to my parents and it started out as a few thousand dollars and ended up costing everyone $10,000.00! 
