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The difference between "making it" in Mass. or not making is not just income, it's location. We don't make $100,000 a year and own a 2000 sq. ft. house (that's including finished basement) on a 1 acre lot & live quite comfortably. We even take a vacation now & then. Location: west of 495.
There are plenty of towns on the commuter rail in which you can find many houses under $300,000, even less, depending on how large you want both the house and the property to be. Until just recently we were going to move to Plymouth (I lived there before; it's close to my family & still within commuting distance of Boston where my bf works on a contractual basis) and we found many really nice, affordable houses. Of course, those east of Rt. 3, nearer the desirable coast in any town/city, are going to cost more.
If you're willing to go farther out--like where we are, right near Worcester--or in a town like Carver or Middleborough without much (or any) "culture", you can live quite well. It's a question of priorities. (BTW, Worcester does have "culture", despite popular opinion. There's a lively arts scene here, tons of restaurants with a variety of cuisines, theaters, concert venues, etc. Just like any city, there are nice and not-so-nice areas.)
It's a buyers' market right now & interest rates are low. Of course, you need a good credit rating or a co-signer for a mortgage. But it's entirely do-able. (I should point out our car is paid for, which helps.)
Prior to meeting & moving in with my bf (not in this place), I was a single mom. I did have help in the form of housing & fuel assistance, but we never lived in an apartment and though we didn't have much extra spending money (I had a car payment & received little to no child support), we lived comfortably. Only in one place, a condo (the units were separate, not next to each other like an apartment building) did we not have a proper "yard" with grass, etc. We had a fenced in area out back and were near a park & woods with walking trails. This was on the Cape, btw.
So you just have to ask yourself what your priorities are: an affordable nice house or being close to Boston. The whole Boston area is, of course, wicked expensive!
How two people "can't do it" on $140K I'll never understand. On a similar income we're renting a pretty nice place, we've got 2 cars, we're eating out a couple of times a week, going to sports and other events, paying $800/month in students, I'm putting the max in a 401(k), we go on vacation twice a year AND saving well over $1,000 a month. I don't feel deprived at all.
Sure, Massachusetts is expensive (particulary real estate). And it's true that, if we lived in a lower cost area, I might be able to different work from what I do now. I had to make a decision, and at least I was fortunate enough to pursue a fairly high-income field. But a while back I looked at a map of the U.S. and tried to figure out where I might live that was cheaper, and personally I couldn't see myself in any of those places. I've visited 47 states and, you know, for most of them it was a nice place to visit but I couldn't live there. I'd live in South Station before I'd live in the South. So I made the decision to take whatever tradeoffs I had to make to stay here. Even within eastern Massachusetts, I might get a newer or bigger place for less rent if I moved to, say, Woburn, but I'd rather be closer to the city. The tradeoff is that our house was built in 1895 (cool period details, not cool -just cold- old windows) and the kitchen's from the 1980's. I don't care about the kitchen at all.
I don't think I'll ever get how a new-looking townhouse equals "quality of life." You see it on the HGTV shows, when they're looking at some 3,000 square foot house for $200K and there's some 23 year-old saying the house feels cramped because there aren't two sinks in the master bathroom. And the yard's only 2 acres, and the garage holds "only" 3 cars. Whatever. For me the best quality of life comes from having New England outside my door when I leave the house. Atlanta? NO THANKS. That whole place was nails on a blackboard to me.
hi holden125,
With the prices down and rates at their lowest....it's a buyers' market.
All the rent money is only making the landlord rich. Why not put that same money into your own property and create equity??
reassistant
Quote:
Originally Posted by holden125
How two people "can't do it" on $140K I'll never understand. On a similar income we're renting a pretty nice place, we've got 2 cars, we're eating out a couple of times a week, going to sports and other events, paying $800/month in students, I'm putting the max in a 401(k), we go on vacation twice a year AND saving well over $1,000 a month. I don't feel deprived at all.
Sure, Massachusetts is expensive (particulary real estate). And it's true that, if we lived in a lower cost area, I might be able to different work from what I do now. I had to make a decision, and at least I was fortunate enough to pursue a fairly high-income field. But a while back I looked at a map of the U.S. and tried to figure out where I might live that was cheaper, and personally I couldn't see myself in any of those places. I've visited 47 states and, you know, for most of them it was a nice place to visit but I couldn't live there. I'd live in South Station before I'd live in the South. So I made the decision to take whatever tradeoffs I had to make to stay here. Even within eastern Massachusetts, I might get a newer or bigger place for less rent if I moved to, say, Woburn, but I'd rather be closer to the city. The tradeoff is that our house was built in 1895 (cool period details, not cool -just cold- old windows) and the kitchen's from the 1980's. I don't care about the kitchen at all.
I don't think I'll ever get how a new-looking townhouse equals "quality of life." You see it on the HGTV shows, when they're looking at some 3,000 square foot house for $200K and there's some 23 year-old saying the house feels cramped because there aren't two sinks in the master bathroom. And the yard's only 2 acres, and the garage holds "only" 3 cars. Whatever. For me the best quality of life comes from having New England outside my door when I leave the house. Atlanta? NO THANKS. That whole place was nails on a blackboard to me.
Spoken like a Realtor...you are right on! Rates are low..prices are reasonably low which makes for a buyers' market.
reassistant
Quote:
Originally Posted by TessieB
The difference between "making it" in Mass. or not making is not just income, it's location. We don't make $100,000 a year and own a 2000 sq. ft. house (that's including finished basement) on a 1 acre lot & live quite comfortably. We even take a vacation now & then. Location: west of 495.
There are plenty of towns on the commuter rail in which you can find many houses under $300,000, even less, depending on how large you want both the house and the property to be. Until just recently we were going to move to Plymouth (I lived there before; it's close to my family & still within commuting distance of Boston where my bf works on a contractual basis) and we found many really nice, affordable houses. Of course, those east of Rt. 3, nearer the desirable coast in any town/city, are going to cost more.
If you're willing to go farther out--like where we are, right near Worcester--or in a town like Carver or Middleborough without much (or any) "culture", you can live quite well. It's a question of priorities. (BTW, Worcester does have "culture", despite popular opinion. There's a lively arts scene here, tons of restaurants with a variety of cuisines, theaters, concert venues, etc. Just like any city, there are nice and not-so-nice areas.)
It's a buyers' market right now & interest rates are low. Of course, you need a good credit rating or a co-signer for a mortgage. But it's entirely do-able. (I should point out our car is paid for, which helps.)
Prior to meeting & moving in with my bf (not in this place), I was a single mom. I did have help in the form of housing & fuel assistance, but we never lived in an apartment and though we didn't have much extra spending money (I had a car payment & received little to no child support), we lived comfortably. Only in one place, a condo (the units were separate, not next to each other like an apartment building) did we not have a proper "yard" with grass, etc. We had a fenced in area out back and were near a park & woods with walking trails. This was on the Cape, btw.
So you just have to ask yourself what your priorities are: an affordable nice house or being close to Boston. The whole Boston area is, of course, wicked expensive!
hi holden125,
With the prices down and rates at their lowest....it's a buyers' market.
All the rent money is only making the landlord rich. Why not put that same money into your own property and create equity??
reassistant
A few reasons. First, prices aren't that much down until you get farther out and we don't want to be too far out, especially not right now.
But I'm also fairly recently in my job. Before that I was living and working in NYC and I had no intention of buying there. So I was saving up and I've continued to do that, and we hope to buy something in the next couple of years. Right now, though, my fiancee is in a masters program and our current location is most convenient for her.
We're looking to have kids in the next 3-5 years, though, and we probably won't be buying in Newton. We won't know until she's almost done (next year) where she'll be working afterward and what her income will be. Right now we don't want to get something that will be (a) in a no-longer convenient location, (b) too small and (c) that we may have trouble unloading. Given the market where we live now, even for condos, we'd be paying at least a few hundred extra a month for the same space, even after the tax benefits. I don't want to buy just to sell and buy again in 2-3 years time, and it's not clear how much equity we could build up in that short amount of time.
It would certainly be too bad to miss out on the interest rates, but we're just not in the best position to buy. I'm planning to keep saving and get something that will work for us long term. I've also got an eye on the murmurs about revising the mortgage interest deduction, etc.
I have a cousin who moved to Charlotte about 7 years ago, she lived in Boston before that and had the same questions the OP had. She had just been married, lived in a tiny apartment that we still joke about having to step into the tub to shut the bathroom door in! She wondered if they'd ever own a home. Her husband got a job offer in NC and after about two months she said something that I will never forget..."There's an easier way to live"...she is right too. We all work so hard to have things we are settling for here when people living in less expensive areas with better weather and equally good schools, are in newer homes with less repairs needed which equals both more money in your pocket and more time on your hands. We moved back to MA from OR to be closer to family but even with my DH in a good paying Software job we are still are shocked that things aren't easier at his pay scale and we live in a moderate home with no school loans or car loans. If your heart is set on Boston then it makes sense to stick it out and know that you are sacrificing housing/ pocket money for the culture and lifestyle of Beantown, but if you aren't in love with Boston I'd say find another area that appeals to you and start applying for jobs...after all...There's an easier way to live!
I have a cousin who moved to Charlotte about 7 years ago, she lived in Boston before that and had the same questions the OP had. She had just been married, lived in a tiny apartment that we still joke about having to step into the tub to shut the bathroom door in! She wondered if they'd ever own a home. Her husband got a job offer in NC and after about two months she said something that I will never forget..."There's an easier way to live"...she is right too. We all work so hard to have things we are settling for here when people living in less expensive areas with better weather and equally good schools, are in newer homes with less repairs needed which equals both more money in your pocket and more time on your hands. We moved back to MA from OR to be closer to family but even with my DH in a good paying Software job we are still are shocked that things aren't easier at his pay scale and we live in a moderate home with no school loans or car loans. If your heart is set on Boston then it makes sense to stick it out and know that you are sacrificing housing/ pocket money for the culture and lifestyle of Beantown, but if you aren't in love with Boston I'd say find another area that appeals to you and start applying for jobs...after all...There's an easier way to live!
Good, down to earth post!
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