Rents rapidly climbing (Boston, Cambridge, Brockton: real estate, to rent, insurance)

[yellowstatus]

Red line stoping at alewife and not extending through Arlington. Opposition to apartments in Brookline, Wellesley, Weston, Lexington, Winchester etc. No serious gas tax or congestion pricing (i.e. gas is less than $7 a gallon). None of these are popular measures. Consequently why I think the Boston core area remains a great real estate value.

[mdovell]

Originally Posted by timberline742

You kind of don't. Last couple of times there for work over the past year and it was pretty much a ghosttown. Felt like one.

Where did you go?

[Boston Shudra]

Originally Posted by BostonBornMassMade

It's just disheartening to me that two gainfully employed Boston natives from the southern reaches of the city really cannot rent in the city they grew up in

This sort of thing has been happening for decades now.

[massnative71]

Originally Posted by iAMtheVVALRUS

This sort of thing has been happening for decades now.

Not like this.

[massnative71]

Originally Posted by yellowstatus

Red line stoping at alewife and not extending through Arlington. Opposition to apartments in Brookline, Wellesley, Weston, Lexington, Winchester etc. No serious gas tax or congestion pricing (i.e. gas is less than $7 a gallon). None of these are popular measures. Consequently why I think the Boston core area remains a great real estate value.

How would gas tax or congestion pricing help any of the issues here? If anything, they would just exasperate the problem as the cost will fall more on individuals. The other things would all help, as well as encouraging employers to move more jobs to where the people actually live.



You keep mentioning the "value" of Boston, of which I disagree and see as flawed due to the fact that current prices are not sustained by local wages but by current lack of inventory and external factors all of which have the potential to change.

[masssachoicetts]

Originally Posted by iAMtheVVALRUS

This sort of thing has been happening for decades now.

Well in the 60s, those priced out of 'Boston' went to Dot or Southie.

In the 80s and 90s, those who were priced out/feared the neighborhoods in Boston headed to Revere, Quincy or even Weymouth.

Now? You cant touch any of those towns, and your lucky you can get something for 300k n Taunton, Fitchburg or somewhere 30 miles up New Hampshire.

Rents in Mattapan and Hyde Park are going through the roof too, and in 10 years I really think that most of the southern tier there will be gentrified out and rents will be in excess of 2k a month there.

I was looking into buying a home in Boston for sometime in the coming 10-12 years when I reach my mid-30s, and the market is crazy. A house I want (And I want a smaller home, not picky) runs for 700k at least.

Say I buy the home I want near Boston for 750k (2 bed, 2 bath), and I get paid 72k a year (Average salary in GBA for my position)
I can easily go to Raleigh NC and get that same home for 180-205k and my income is 57k a year, which is a much better ratio than GBA.
Even Pittsburgh, that house would be 250k and the average salary there for what I do is 66k a year.

Its a shame the market in Boston has gotten THIS bad. Its never been this bad before, and we are borderline less affordable than NYC. Because in NYC atleast you can grab something decent in NJ for under 500k and be commutable distance to Manhattan.

Boston is one of the most desirable cities to move too right now. But its a shame, the people who want to live here, or the people who were raised here cant even afford it. Its not like were NOT building? We produce a good amount of units per year, we can do better.. but we are in a horrible situation right now.

[BPt111]

They pushing Boston residents to New Bedford, Fall River, Providence, Springfield, Worcester, Pittsfield, Brockton

[MassVt]

Originally Posted by masssachoicetts

Well in the 60s, those priced out of 'Boston' went to Dot or Southie.

In the 80s and 90s, those who were priced out/feared the neighborhoods in Boston headed to Revere, Quincy or even Weymouth.

Now? You cant touch any of those towns, and your lucky you can get something for 300k n Taunton, Fitchburg or somewhere 30 miles up New Hampshire.

Rents in Mattapan and Hyde Park are going through the roof too, and in 10 years I really think that most of the southern tier there will be gentrified out and rents will be in excess of 2k a month there.

I was looking into buying a home in Boston for sometime in the coming 10-12 years when I reach my mid-30s, and the market is crazy. A house I want (And I want a smaller home, not picky) runs for 700k at least.

Say I buy the home I want near Boston for 750k (2 bed, 2 bath), and I get paid 72k a year (Average salary in GBA for my position)
I can easily go to Raleigh NC and get that same home for 180-205k and my income is 57k a year, which is a much better ratio than GBA.
Even Pittsburgh, that house would be 250k and the average salary there for what I do is 66k a year.

Its a shame the market in Boston has gotten THIS bad. Its never been this bad before, and we are borderline less affordable than NYC. Because in NYC atleast you can grab something decent in NJ for under 500k and be commutable distance to Manhattan.

Boston is one of the most desirable cities to move too right now. But its a shame, the people who want to live here, or the people who were raised here cant even afford it. Its not like were NOT building? We produce a good amount of units per year, we can do better.. but we are in a horrible situation right now.

Excellengt post--I couln't agree more. If I was a young person, I'd seriously considering looking somewhere else.

[Arya Stark]

Originally Posted by MassVt

Excellengt post--I couln't agree more. If I was a young person, I'd seriously considering looking somewhere else.

We aren't the only place this is happening. And my question is "WHY"? No one has seriously looked into it.

I don't think normal population growth covers it.

I happened on a 60 minutes (Australia) about the market there and they are 5 years ahead of us and it isn't pretty. People who were forced to buy places they couldn't afford and now can't afford the payments.. younger people who are leaving Australia because they can't find anyplace to live which won't eat up their entire budget.

I feel like this is a world wide happening and I really don't think NIMBY is the reason. I think there is something else going on.

I work in Boston next to two big new apartment complexes that are leasing... they are empty, meaning, no one is in the apartments.

A few years ago I kept trying to buy a reasonably priced condo in the suburbs and kept getting beat and my real estate agent told me I was losing out to Chinese investors which targeted the area.

I think someone -- china ? -- is pushing up prices -- for purpose unknown.

I live in the sticks and I still find rents to be insane. I would be happy to purchase a real estate property and get in on the insane rents but I keep getting beat out for investment properties.

In the last few years in and around Framingham, Natick, Walpole, Medfield, Norwood, BIG condo complexes have been built... without making the slightest dent in rental prices. The question is why?

[GeoffD]

Originally Posted by MassVt

Excellengt post--I couln't agree more. If I was a young person, I'd seriously considering looking somewhere else.

Yep. That's exactly the sweet spot for bailing out of the state. $75K. You're priced out of the real estate market. You will do much better elsewhere. Lower Fairfield CT and the whole NYC tri-state has the same math. Ditto metro DC. If you look at the demographic data, that's the income bracket that is moving out in those places.