Are we in a real estate bubble? (Boston, Arlington: how much, houses)

[dpm1]

Originally Posted by gf2020

Sadly, you are not middle class if you can only afford a $300K house in Greater Boston.

The median sale price of a single-family home in all of Massachusetts in 2016 was $345,000. Within Greater Boston, the median sale price of a single-family home was $540,000 in 2016.

We have a household income greater than the median in almost all towns in greater Boston as well as significant cash reserves. Seems pretty solidly middle class to me.

[Whatsnext75]

Where in boston can you get a house for 300k?

Yeah my aunt and uncle live in cohasset and my uncle commutes to boston everyday on the ferry. His wife has never worked. It works for them but it would be a PITA if both people are working in boston i would think.

[Shizim]

Originally Posted by Whatsnext75

Ive also noticed that. Must be nice. It seems kind of pathetic but then again why wouldnt parents continue to help out their kids so they can keep up with the Jones'. Without the parents help many of these people I know would never be able to live around here on their own.

Why is this pathetic? if i want to gift my kids $$$ to buy into a nice town/school/commute etc that's my choice. its "Pathetic" if they accept? I wholeheartedly disagree.

On that same thought, its not necessarily keeping up with the Jones to buy in a place that you cant afford to by yourself without parent help. If you are maxing out your CC to buy Audis and Jimmy Choo shoes, yes. Just buying a house, No.

If my new neighbors told me that their parents gave them $$$ to buy their house, i would not think twice about it. who cares. Instead of waiting to die, their parents transferred some of the excess wealth to them now. happens all the time. I paid for my place 100% on my own. doesn't make me any better or worse.

I don't see the need for scorn unless its founded in jealousy.

[Shizim]

Originally Posted by mdovell

I think there might be a restaurant one given the increases in minimum wage, health care costs, more people eating at home and services like blue apron.

This for sure. casual dining same store sales are down YoY and the number of new seats in hot areas (i.e. Burlington) has driven traffic down even further. Q1 results for Brinker, Darden, etc will not be great.

[Whatsnext75]

Maybe pathetic was a harsh choice of words. But yes situations like this lead to scorn for other people who are working hard trying to save all they can to live in a good neighborhood then others just have things handed to them while doing nothing or very little. That is life...but of course it leads to envy.

[massnative71]

Originally Posted by Shizim

Why is this pathetic? if i want to gift my kids $$$ to buy into a nice town/school/commute etc that's my choice. its "Pathetic" if they accept? I wholeheartedly disagree.

On that same thought, its not necessarily keeping up with the Jones to buy in a place that you cant afford to by yourself without parent help. If you are maxing out your CC to buy Audis and Jimmy Choo shoes, yes. Just buying a house, No.

If my new neighbors told me that their parents gave them $$$ to buy their house, i would not think twice about it. who cares. Instead of waiting to die, their parents transferred some of the excess wealth to them now. happens all the time. I paid for my place 100% on my own. doesn't make me any better or worse.

I don't see the need for scorn unless its founded in jealousy.

It depends. If these kids have already demonstrated responsible money habits, and have learned what hard work and delayed gratification is all about; then yes there is nothing wrong with the parents helping out if they are able to without overextending themselves. But I have seen kids who have not learned these important life lessons yet, and throwing money to them at that stage will likely not serve them any benefit over the long run.

[dpm1]

Originally Posted by Whatsnext75

Where in boston can you get a house for 300k?

Yeah my aunt and uncle live in cohasset and my uncle commutes to boston everyday on the ferry. His wife has never worked. It works for them but it would be a PITA if both people are working in boston i would think.

In Boston? Hyde Park.

In greater Boston? A number of locales.

Have incomes kept up with these prices? Dubious.

[Shizim]

Originally Posted by massnative71

It depends. If these kids have already demonstrated responsible money habits, and have learned what hard work and delayed gratification is all about; then yes there is nothing wrong with the parents helping out if they are able to without overextending themselves. But I have seen kids who have not learned these important life lessons yet, and throwing money to them at that stage will likely not serve them any benefit over the long run.

i can see the resentment there. But at the end of the day, you can only control what you can control. i have several friends whose parents put down $100K toward their 1st home. My wife and i bought a <$300k beater on the north shore. we paid it down a ton while it didn't appreciate but as careers progress, you end up moving.

Would i have liked to be gifted large sums of money, sure. But i wasn't so wishing for someone else situation didn't change mine.


.... i will get off my soapbox now.

[Whatsnext75]

Originally Posted by dpm1

In Boston? Hyde Park.

In greater Boston? A number of locales.

Have incomes kept up with these prices? Dubious.

I've seen next to nothing in HP for 300k. IN HP it's difficult to find much for under 400k. A dump maybe. Not even in Mattapan.

[Shizim]

Originally Posted by dpm1

In Boston? Hyde Park.

In greater Boston? A number of locales.

Have incomes kept up with these prices? Dubious.

no they haven't. but because metro Boston is small with a very finite number of homes, it doesn't matter. the demand will always outweigh the supply here.

If a $300K home in Hyde Park checks your boxes, then jump on it and be glad you don't have to pay out the nose like some others.