Are there signs of people leaving Boston for cheaper parts of the state yet? (Cambridge: good credit, student loans)

[id77]

Originally Posted by charolastra00

This may be an age thing. I'm in my early 30s and work within 128. Most people I work with who are under 40 live with roommates or in 1-2 bedroom apartments with a partner and 1 or 2 children. Only 61% of Mass residents own, and that likely skews older and more rural. If you're a young couple living in Somerville, you're probably not among the 34% of Somerville residents who own and therefore are less likely to have a spare bedroom or office space. That's why so many people are looking to move to previously undesirable suburbs.


I don't know anyone who has a spare bedroom who is under 40. I'm sure they exist, but they're not working in higher ed/nonprofits. While I had hoped to buy a 2 bedroom condo next year, it's already looking like I'm priced out due to people in that situation moving further out into the burbs.

I'm barely over 40 but within the 128 loop, and while I don't have a spare bedroom per se, there's no roommates and we have more bathrooms than we do people. My wife is a nonprofit, but she also has me for income so it probably doesn't count. I do sometimes feel like our building is the only 100% owner-occupied on our block, though.

If we could do it, others can, too. Just be patient and you'll find your place.

[massnative71]

Originally Posted by id77

I'm barely over 40 but within the 128 loop, and while I don't have a spare bedroom per se, there's no roommates and we have more bathrooms than we do people. My wife is a nonprofit, but she also has me for income so it probably doesn't count. I do sometimes feel like our building is the only 100% owner-occupied on our block, though.

If we could do it, others can, too. Just be patient and you'll find your place.

Dude the median HHI for Greater Boston is around $88K. If you can't relate to the average person, at least try humbling yourself a little bit?

[Shizim]

Originally Posted by massnative71

Dude the median HHI for Greater Boston is around $88K. If you can't relate to the average person, at least try humbling yourself a little bit?

i don't think this was braggadocios. It was encouraging at the end.

[massnative71]

Originally Posted by Shizim

i don't think this was braggadocios. It was encouraging at the end.

You don't think the "if we can do it, others can too" (coming from somebody with a 500k/yr salary) is a little bit removed from reality? Is that kind of stuff really helpful to the average person?

[id77]

Originally Posted by massnative71

You don't think the "if we can do it, others can too" (coming from somebody with a 500k/yr salary) is a little bit removed from reality? Is that kind of stuff really helpful to the average person?

500k? This is news to me. We're not even half that.

That said, 88k HHI is certainly enough to get within the 128 loop. Not a SFH in Back Bay or a big home in Lexington, but there's plenty of other options like Waltham and Brighton. The people bemoaning the expense of everything inside 128 also tend to be the same ones who will turn their noses at a tiny condo in an old building or being a 0-1 car family. If it's not SFH with off-street parking, they think it's crap, which is why pickings are slim for them within 128. Guess people need to pick their priorities.

I've never once in my life lived in a place larger than 1,500 square feet (and I am a parent). How large is your place?

[yesmaybe]

Originally Posted by id77

500k? This is news to me. We're not even half that.

That said, 88k HHI is certainly enough to get within the 128 loop. Not a SFH in Back Bay or a big home in Lexington, but there's plenty of other options like Waltham and Brighton. The people bemoaning the expense of everything inside 128 also tend to be the same ones who will turn their noses at a tiny condo in an old building or being a 0-1 car family. If it's not SFH with off-street parking, they think it's crap, which is why pickings are slim for them within 128. Guess people need to pick their priorities.

I've never once in my life lived in a place larger than 1,500 square feet (and I am a parent). How large is your place?

Even Condos in something like Waltham are mostly well over 300k. You aren't affording that at 88k.

[massnative71]

Originally Posted by id77

500k? This is news to me. We're not even half that.

That said, 88k HHI is certainly enough to get within the 128 loop. Not a SFH in Back Bay or a big home in Lexington, but there's plenty of other options like Waltham and Brighton. The people bemoaning the expense of everything inside 128 also tend to be the same ones who will turn their noses at a tiny condo in an old building or being a 0-1 car family. If it's not SFH with off-street parking, they think it's crap, which is why pickings are slim for them within 128. Guess people need to pick their priorities.

I've never once in my life lived in a place larger than 1,500 square feet (and I am a parent). How large is your place?

Forgive me maybe I was confusing you with another poster...


Assuming you have 20% down (somewhat rare), and want to stretch yourself to the max borrowing 3X your salary...that affords you $330K. That is best case scenario for a first time buyer, most probably won't be able to swing that on that salary. What does that buy you inside 128 outside the ghetto? Maybe a rare, older <900 sq. ft. condo in Quincy or two? Either way, there is going to be a very small number of inventory in that range. Those without a downpayment, are looking at a max of $264K. Pretty bleak...

[Lampert]

Just out of curiosity what is considered inside 128? Gloucester is technically inside 128, would you consider that "inside 128?"
South I think the "border" becomes 93 and then Quincy but North?

[Shrewsburried]

Originally Posted by Lampert

Just out of curiosity what is considered inside 128? Gloucester is technically inside 128, would you consider that "inside 128?"
South I think the "border" becomes 93 and then Quincy but North?

My mental dividing line is Beverly. Gloucester/Rockport are getting "out there".

[lrfox]

Originally Posted by id77

I'm barely over 40 but within the 128 loop, and while I don't have a spare bedroom per se, there's no roommates and we have more bathrooms than we do people. My wife is a nonprofit, but she also has me for income so it probably doesn't count. I do sometimes feel like our building is the only 100% owner-occupied on our block, though.

If we could do it, others can, too. Just be patient and you'll find your place.

She's late 20s and I'm mid 30s and three years ago we though we'd never be able to buy in Boston (or Cambridge, Somerville, Brookline, etc.). While Jeffries Point is hardly Back Bay, we were able to swing it this year (even with a guest bedroom/office). We are under $200k combined HHI. The key for us was patience. We were able to create a budget that allowed us to put money aside for a down payment. in 2.5 years we saved enough for a down payment that essentially enables us to pay less for mortgage/taxes/homeowners insurance than we had been paying in rent.

You don't need to necessarily be making a fortune to buy inside of 128. You do need to be in a position where you can put money aside consistently enough to accumulate a reasonable down payment. Income is obviously the most important aspect of building savings, but there are a lot of other factors. There are people making under $50k, opting to live with their parents rent-free, driving a 10 year old car with no car payment, and putting $1k or more per month. There are people making $100k, spending $1,800 per month on a studio/1br, paying $400/mo on a car payment, going out to dinner regularly, buying all the things, and maybe putting away $100 or so (if that) per month.

Frankly, I wouldn't have been in a position to purchase a condo here without the boost from dual incomes. At least not for quite some time. So it's obviously harder for individuals on a modest salary. But it's certainly fair to say "others can too." Maybe not everyone (there is real inequity in the housing market here), but many people can, especially if they're patient and smart about budgeting/saving with an eye on long term goals.