Will Boston area make sense for us? (Newton, Brookline: rent, condo)

[exexpatmom]

We recently made a career decision to move to Boston area. My job will be based in Watertown with a salary of 95K and likely to steadily increase to 125K within a few years. My spouse freelances and makes about 50K each year. We currently have a 2-year-old and would like to have another within the next 3 years (before I become too north of 35).

Obviously, most people in the area manage on less but what kind of lifestyle can this get us? We will be renting a 2bed in Watertown for $2,500 but if we were to buy (and we care about school districts), where should we live? We can put down ~250K.

[chicagoliz]

Depends on what, exactly, you want to buy. You could get a condo or a townhouse in Brookline or Newton with that down payment. You might be able to get into a SFH at some point.

If you know you're renting in Watertown, see how you like it -- you'll know which suburbs you frequent, and whether you want to be close to Watertown or if you want something more suburban.

[exexpatmom]

I think we eventually will need a 3 bedroom (indifferent on if it's a condo townhouse or house). Any thoughts on if now is a good time to buy in Boston area?

[bugelrex]

Based on 3x income rule, you can afford a mortgage of 450 (assume 150 steady income), including the down payment puts you at 700k..

Since you care about school districts you limit yourself to the usual top tier towns. A 1400 sqft fixer upper single house on a tiny house might be possible

If you intend to stay in the house for 15 years (schools for kids) i woukd say its a good time to buy with a 30 year fixed... if less than 7 years then im not so sure

[chicagoliz]

I think that housing prices in the Boston area, especially anything within or bordering 128 will go nowhere but up for quite some time. Now is a good time to buy, in the sense that prices are only going to continue to increase.

[yellowstatus]

Originally Posted by chicagoliz

I think that housing prices in the Boston area, especially anything within or bordering 128 will go nowhere but up for quite some time. Now is a good time to buy, in the sense that prices are only going to continue to increase.

Completely agree. The housing prices are incredibly attractive relative to other top US cities. You can see it in the high rent relative to home prices. The immediate 128 ring of suburbs is largely unwilling to build density making it attractive to be on the supply side of supply and demand.

[bjimmy24]

Not worth it.

[G-fused]

Newton townhouse.

Best of luck with whatever you decide.

[lologal321]

does anyone see prices going down or a bubble bursting? I cant say that i do. My cousin was saying today she hopes the bubble bursts soon but I dont see it happening in the boston area. I just continue to be amazed by how much people are willing and able to spend on a home here.

[bugelrex]

Originally Posted by lologal321

does anyone see prices going down or a bubble bursting? I cant say that i do. My cousin was saying today she hopes the bubble bursts soon but I dont see it happening in the boston area. I just continue to be amazed by how much people are willing and able to spend on a home here.

I think the real surprise is how much more 'high paying' jobs are being created in Boston than the past. Tech, biotech, medical are all driving the job market here. A dual income husband+wife in those fields can have 300k income just a few years out of school..

I think your cousin is really wishing for a recession, which will absolutely drop home prices..