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A couple of thoughts -
If you want the larger, possibly newer house, and like the suburban to ruralish suburban feel, then yes, stick with your choices. I wouldn't base it 100% on the idea of liking it or perceiving that you will "need" that kind of town because you plan to have a kid. Sometimes that doesn't happen or takes much longer than you plan, so if you're stuck in a place that doesn't really suit you now, you won't be happy. Think about what you like now.
Quote:
Originally Posted by AudreyHepburn36
Thanks everyone!
I just thought of another question ... is Newton very urban? I remember that a lot of the partners at my old law firm in Boston used to live in Newton and commute into the city. Haven’t spent a lot of time there, but I know that the public schools are very good. I wonder if it feels similar to Lexington.
Is Sudbury to the Lab a tough commute do you think? I keep hearing good things about Sudbury ... that it’s beautiful and historical, and it is relatively inexpensive compared to some of these other towns!
What do people think of Wayland versus Sudbury? I really have no idea what Wayland is like! People seem to mention Sudbury a lot more? But Wayland is a bit closer to the city?
Sounds like Concord, Lincoln or Sudbury might be the town for us?!?
I live in Newton and I like it a lot. BUT, I like being (ideally) IN or if not in, then near a city. I like being able to walk places and having access to public transit (the past COVID year notwithstanding). When we moved up here, we looked at Lexington, but for my personal taste, I found it overpriced. It has no train, and getting downtown isn't as easy as I'd like. (I think in some cases, Concord can be an easier trip downtown with the train situation, even though it is further out.) Lexington seems overly impressed with itself based on its schools, and of course, the schools are indeed very good. By all the standard objective measures, they come out on top. But I find it hard to believe that they are truly appreciably better than the schools in any of the other towns you listed. Once you get to a certain point, any distinctions above that point are kind of meaningless. (Like arguing between which is "best" - Harvard, Stanford or Yale?) For me, Lexington's Town Center is very cute and very attractive, but if you don't live within walking distance, you have to drive most places, and in some cases, it seemed like for a five minute further drive, you may as well buy in Bedford for less money and schools that also rank very highly.
Newton does have a more urban feel in most (not all) areas. Access to downtown is much better, and there is more walkability. It doesn't sound like you care about that type of thing as much as I do, so my guess is you might be happier in a town like Concord. I think Concord is great, but we never seriously looked there because it was too far from downtown for us. But if I didn't care much about downtown Boston and Cambridge, I'd definitely give Concord a good look.
I grew up in Lexington a 10 minute walk from the town center. The schools are good because of the pressure the parents put on the kids - no other reason. My teachers ranged from mediocre to excellent, but my (Asian) father was an inventor, very academically gifted and tutored me personally. My parents were also super strict, up my butt about everything and restricted dating. When I was young I thought they were lame but as an adult I see that there is a very limited time (as a woman) that you have time to just concentrate on yourself and your education. I think if they had been able to explain it better, the conflicts would have been more limited. They were immigrants though, and just did the best they could. I can afford to live there but I would never go back. If we are being kind of manipulative, as an Asian, it’s not worth it for me to have my kids compete against other Asians, because MIT isn’t going to admit only Lexington kids so I’m better off keeping my children in a more chill system and just being a cobra mom at home.
That 20-30% sounds common. Most of these million dollar house buyers aren't putting 5% and payment PMI as well. A million dollar house with 20% down results in a payment of $3600/month. Current tax rate adds $1200/month and let's say $200/month for insurance. $5K a month at the 28% of gross income works out to under $215K annual salary. That's not out of the realm for the Boston area.
But the reason why most earners in the $200-300k realm can't afford $1M+, is because it's nearly impossible to save $200k+ for a downpayment unless drawing from investments or ignoring other financial considerations.
MANY dual earner young families make $300k in Greater Boston. Not nearly as many, however, are willing to pay for $1M-1.5M for a house.
I'd imagine equity in a prior house, largely in or around the city, is the way most young families have been able to swing it. That, or generational houses or the sale of a generational house that turned a mega profit.
A couple of thoughts -
If you want the larger, possibly newer house, and like the suburban to ruralish suburban feel, then yes, stick with your choices. I wouldn't base it 100% on the idea of liking it or perceiving that you will "need" that kind of town because you plan to have a kid. Sometimes that doesn't happen or takes much longer than you plan, so if you're stuck in a place that doesn't really suit you now, you won't be happy. Think about what you like now.
I live in Newton and I like it a lot. BUT, I like being (ideally) IN or if not in, then near a city. I like being able to walk places and having access to public transit (the past COVID year notwithstanding). When we moved up here, we looked at Lexington, but for my personal taste, I found it overpriced. It has no train, and getting downtown isn't as easy as I'd like. (I think in some cases, Concord can be an easier trip downtown with the train situation, even though it is further out.) Lexington seems overly impressed with itself based on its schools, and of course, the schools are indeed very good. By all the standard objective measures, they come out on top. But I find it hard to believe that they are truly appreciably better than the schools in any of the other towns you listed. Once you get to a certain point, any distinctions above that point are kind of meaningless. (Like arguing between which is "best" - Harvard, Stanford or Yale?) For me, Lexington's Town Center is very cute and very attractive, but if you don't live within walking distance, you have to drive most places, and in some cases, it seemed like for a five minute further drive, you may as well buy in Bedford for less money and schools that also rank very highly.
Newton does have a more urban feel in most (not all) areas. Access to downtown is much better, and there is more walkability. It doesn't sound like you care about that type of thing as much as I do, so my guess is you might be happier in a town like Concord. I think Concord is great, but we never seriously looked there because it was too far from downtown for us. But if I didn't care much about downtown Boston and Cambridge, I'd definitely give Concord a good look.
We definitely do care about downtown Boston and Cambridge, and relatively easy access to them, but I think would be perfectly happy only going to either / both on the weekends, which I think is very doable from Concord? I'll be working from home, and my husband likely in Lexington.
What do you think about West Concord versus Concord, by the way? Why is West Concord so much cheaper? Is it because of the prison and superfund site?
But the reason why most earners in the $200-300k realm can't afford $1M+, is because it's nearly impossible to save $200k+ for a downpayment unless drawing from investments or ignoring other financial considerations.
MANY dual earner young families make $300k in Greater Boston. Not nearly as many, however, are willing to pay for $1M-1.5M for a house.
I'd imagine equity in a prior house, largely in or around the city, is the way most young families have been able to swing it. That, or generational houses or the sale of a generational house that turned a mega profit.
Don’t underestimate that “drawing from investments” group size. Any couple who earns RSUs and/or participates in ESPP, and had the foresight to budget assuming they’d not need either to pay the bills is sitting quite pretty, provided they didn’t do anything stupid investment-wise. It’s also common to see 3 or 4 year RSU vest schedules, and with how the markets have been, some of those RSU grants from 2017-2018, priced around $50-75k/year on stock price then, have/had their 2020 and 2021 vestings now worth over $200,000/year. And that’s not factoring in their 2019 or 2020 grants. RSU grants can snowball FAST when stock price keeps doubling every year.
If a couple can cash out one or two grants and have a 50% down payment on a $1 million home, the math gets pretty easy.
You are right in that some do have prior home equity to throw at it, though every buyer I personally know who paid $1 million or more did not cross the finish line on that home equity, and several even kept the old property to rent out for even more passive income. Maybe I live in some bizarro world in my corner of MA, but large brokerage balances that can make down payments without touching retirement are the flavor du jour with the buyers I know.
I’d say any $300k couples trying to rely on that W2 income plus some cash saved on the side will be unable to compete in this market unless they start investing in stocks. The housing market is rising to pace stocks, and anyone not running that race is going to lose in the short term.
We definitely do care about downtown Boston and Cambridge, and relatively easy access to them, but I think would be perfectly happy only going to either / both on the weekends, which I think is very doable from Concord? I'll be working from home, and my husband likely in Lexington.
What do you think about West Concord versus Concord, by the way? Why is West Concord so much cheaper? Is it because of the prison and superfund site?
Thanks!
West Concord has traditionally been the "blue collar" side of town. I believe most of the homes were built after WWII and it's cut off from the center by Rt. 2. Since it's the more commercial side of town, home values are lower but I would still consider living there.
West Concord has traditionally been the "blue collar" side of town. I believe most of the homes were built after WWII and it's cut off from the center by Rt. 2. Since it's the more commercial side of town, home values are lower but I would still consider living there.
Definitely. West Concord is technically unincorporated Concord.
It's always been considered "the other side of the tracks", but Acton is considered "the other side of the tracks" from West Concord, so this is all relative.
I really like West Concord.. It feels, easy..? Down to earth, but still Concord? It has its own little downtown with some good eats. Breakfast on Nashoba Bakery's back deck is always nice. Woods Hill Table is one of my favorite restaurants, anywhere. Saltbox is great too. The bonus is it's own train station, very much within walking distance from much of West Concord. West Concord also has the Country Club, three separate parks including rideout playground, etc.
I really like the "feel" of the neighborhoods around Thoreau Elementary. Feels a bit "off the map", almost crunchy in some areas, but still very cohesive and convenient. The most inconspicuous $1M neighborhood you'll find.
As I have been reading this, I've been thinking: West Concord is the perfect place for AudreyHepburn36! I live just down the road in West Acton, but spend a lot of time in West Concord. It has a charming, walkable village feel, some nice stores and restaurants. and the bike path that connects Concord to Lowell (almost complete!) goes right through it, and a great park (Rideout Park). The train station is right there if you ever did end up needing to commute to a job in Waltham, Cambridge, or Boston or wanted to hang out in Boston during the weekend without a car. You are also just down the road from Concord Center with its amenities and Maynard Center, which has its own shops, restaurants, and an actual movie theater.
For your spouse to get to Lincoln Labs, he could bop onto Route 2 via Route 62--avoiding the rotary. He'd hit a few miles of traffic on Route 2, but then he's off onto Route 2a and it is just maybe three(?) miles or less until the entrance to LL. Yes, that light does back up, but I still think the whole thing couldn't take more than 25 minutes most during the worst of pre-pandemic traffic.
There's a great new apartment complex in West Concord right next to the train station. I don't know if there are any vacancies, but if I were you I would consider renting for a year and giving yourself some time to really shop for the right house. There's also another apartment complex just down the road and I know folks who live in it and love it. And there are two condo complexes that sometimes have rental units available.
The housing market here is ridiculous now. There is NO inventory--if you see a nice house in any of these communities, you've got literally a few hours to make an offer before it is gone, and I don't know how you do that from 3000 miles away!
Are any of these towns commutable to and from North Reading? Turns out that, according to the Lab, my husband wouldn't be able to get security clearance if he applied for it, and so they can't extend him an offer. :-( As a result, we are instead looking at Amazon Robotics in North Reading. I assume that Lexington and Winchester would be good options, but are there any other towns near North Reading with cute downtowns, lots of history and great public schools??? I will still be working from home. Thanks!
All I've heard is that Amazon is a crappy place to work. Renting might not be a bad idea.
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