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You'd actually finish way behind unless it gained a lot in value. There is all the maintenance costs, and the interest on the mortgage... never mind the opportunity cost of the downpayment.
If I rented my place out and just got the principal portion and HOA fees for my place and sold it in a decade, or heck, even held it until it was paid off, I would be taking an economic bath. Heck, if I got my full mortgage payment (principal, interest, insurance) and HOA fees covered and sold it for what I had paid for it I would still be taking a loss.
Not really because you have to factor in all the rent you otherwise would have paid to cover your landlords mortgage over the same time period. You have to live somewhere, after all. If you own a place for a full decade and still don't come out ahead, than it sounds like you made a very poor purchase.
Boston is turning into NY or SF with these absurd rents
Gentrification. Those of you in eastern MA may laugh at us but I left Northampton twenty years ago due to gentrification. We were flooded with NYers and people from CA moving in and talking about how "cheap" it was. They made it better, to a point, but then it went over the top with prices and trying to make it like NYC.
Not too many natives left in the Northampton area except those who moved to neighboring towns but then the neighboring towns got invaded too. Oh--they take the best jobs too once they establish "connections."
great article about a South End native touching on these exact points.
I can relate to Councilor Campbell on some of these things.
My uncle-a then closeted gay man in a long term relationship with my aunts- had a studio apartment in the Piano Craft that Councilor Campbell lived across from as mentioned in the article. He was a fashion designer,movie buff and collector of model toys and airplanes. I loved going to his loft and looking out ver tremont street and at his toys he had suspended from the ceiling. I remember watching Space Jam there as a tiny child around 1997 and getting snack to watch movies with from the Sunoco Gas Station.
One of my first experiences with gentrification was him telling me he was moving. I overheard him talking to my mother around 1999/2000 about how he was trying to "maintain" but "they just keep raising the rent up and up". I would miss driving from River street at the southern edge of the city up to his place. He moved to Nightingale street in Dorchester where he remains to this day. The pain in his voice is why I remember it 20 years later. Based on that experience its unsurprising that today Ms. Campbell represents Mattapan and not the South End.
Then in 2012 as I left high school my church-the Concord Baptist Church sold their property and allowed to become luxury condos in the south end after 110 years on site. Our Church was relocated to Blue Hill Avenue in Milton inside a former Jewish Temple. A sign of demographic change in that area too. The sale allowed out church new ribbon twirlers, a parking lotan expanded kitchen, and bright new LED TV screens but I couldn't help but mourn the loss of my final attachment to the South End. And the beauty and history that came with it. It was one less excuse to leave the southern trenches of the city and feel a part of the hustle and bustle.
But on the good side. At Roxbury Latin i had a teacher who grew up in the COlumbia Point homes who applied and got into RL all on his own-zero parental involvement- and who know live sinn a BRownstone in the South End.
A friend of my brothers who went to RL grew up on Morton street in Mattapan and became a teacher and coach at RL. He now lives just a block from that Piano Craft building. Prior to this he lived in Quincy nearby my cousin-who had grown up on Humboldt Avenue. As i got olde rid sometime sbe the designated driver for hm and my brother coming home from parties in South Boston. When I was ~20 and they were 27.
All these stories are a testament to Bostons ever rising rents and displacement, lessening racial segregation and possibly its better odds of upward mobility.
Last edited by BostonBornMassMade; 02-13-2020 at 12:12 PM..
Not really because you have to factor in all the rent you otherwise would have paid to cover your landlords mortgage over the same time period. You have to live somewhere, after all. If you own a place for a full decade and still don't come out ahead, than it sounds like you made a very poor purchase.
I believe he's referring to owning investment real estate, not a primary residence.
It is still fairly early in the season to see any trends, but I figured it may be of interest to post any observations you begin to notice about 2020 as things progress. With rates being so low I imagine many folks are getting ready to make the jump or trade up/out.
I'm planning a move to the Sudbury/Acton/Concord area in the coming months and will be putting my place on the market. I foresee a fairly competitive environment ahead of us but who knows.
I think the "luxury" market seems to be slow, but entry level homes in every town are getting eatin' up fast.
So, Sudbury, anything $500-$800 will go quick. Acton, anything $450-$700, quick. Concord, anything <$1M that's in good living condition, quick.
I think it depends on budget. But, for the typical buyers, it's still a fast market.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by simplexsimon
I believe he's referring to owning investment real estate, not a primary residence.
Well, yeah, duh. People though, including a some previous owner/tenants of my building, really do the math poorly on their investment places. They think if they cover their costs then they're coming out ahead in the long run because they'll (in the end) have a paid off asset. It really doesn't work like that (it can, but it often doesn't). But, economic ignorance of some really helps others.
Last edited by timberline742; 02-13-2020 at 12:23 PM..
It stinks how much it costs to live here. Even if you go pretty far out it’s not cheap. It’s sad because not everyone has a 200k salary. It seems like that’s what it takes to live here. You need about a million to get a nice house in a good school district. Not really how it should be. I can remember not too long ago one could get a very nice house in a nice area for 500k. Those days are gone.
I believe he's referring to owning investment real estate, not a primary residence.
Probably but it doesn't really matter. There is no way somebody should come out behind if the interest, principal, insurance and HOA fees are covered. Not over a 10 year period, unless like I said he made a very poor purchase decision in the beginning. But perhaps he is using "common core" math or something.
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