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Old 02-12-2021, 11:29 AM
 
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As long as the Boston area remain desirable the prices are not going to go down. Why would they ?
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Old 02-12-2021, 11:38 AM
 
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Originally Posted by scorpio516 View Post
If he's working in cambridge, unless he's married to driving, look north of rte 9. Start a rte 2 and go north.

You used to be able to find something nice in Littleton, but right now there is nothing for sale below $550 there (there's one house listed at $550,000).

If he's close to North Station, it's a 45 minute ride from Lowell to North Station.

Actually, Lowell might be a realistic and decent choice. Also, i believe parts of Lynn are great and surprisingly affordable. But the commute!!
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Old 02-12-2021, 11:42 AM
 
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Originally Posted by msRB311 View Post
As long as the Boston area remain desirable the prices are not going to go down. Why would they ?

Because as desirable as it is the current prices are being artificially held up by low interest rates, foreign investors, and lack of inventory. The prices are not at all sustainable given the local median income. As more boomers downsize and sell off, it will be very interesting what happens with all that inventory when those behind them simply are unable to afford the prices they have been going for in recent years. I definitely see a big correction on the horizon.
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Old 02-12-2021, 11:58 AM
 
Location: Baltimore
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Originally Posted by msRB311 View Post
It's threads like this that make me think employers are either going to have to pay people more or allow them to WFH in a further out area rather than deal with a horrid commute. Seems like something's gotta give.
That’s what’s currently happening and will continue to happen.
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Old 02-12-2021, 12:05 PM
 
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Originally Posted by BostonBornMassMade View Post
That’s what’s currently happening and will continue to happen.
The more pay or the WFH part? Or both?
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Old 02-12-2021, 12:11 PM
 
344 posts, read 228,799 times
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Originally Posted by massnative71 View Post
Because as desirable as it is the current prices are being artificially held up by low interest rates, foreign investors, and lack of inventory. The prices are not at all sustainable given the local median income. As more boomers downsize and sell off, it will be very interesting what happens with all that inventory when those behind them simply are unable to afford the prices they have been going for in recent years. I definitely see a big correction on the horizon.
I will take the other side of that bet. The very best and largest organizations have been winners. And the strategy is recruiting the very best and putting people in the same place. I believe that the best will continue to disproportionately win. Amazon, Google, Microsoft, Wayfair in tech. Harvard, MIT in education. Pfizer, Biogen, Moderns in pharma.

I expect Cambridge to do well.
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Old 02-12-2021, 12:19 PM
 
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Harvard and MIT both have hiring freezes right now.
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Old 02-12-2021, 12:24 PM
 
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Originally Posted by yellowstatus View Post
I will take the other side of that bet. The very best and largest organizations have been winners. And the strategy is recruiting the very best and putting people in the same place. I believe that the best will continue to disproportionately win. Amazon, Google, Microsoft, Wayfair in tech. Harvard, MIT in education. Pfizer, Biogen, Moderns in pharma.

I expect Cambridge to do well.

Your perspective is that of an outsider. While that's not without use, it often lacks the depth needed to see things for what they are.
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Old 02-12-2021, 12:29 PM
 
16,488 posts, read 9,166,611 times
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Originally Posted by born_south_living_north View Post
Hi, long time listener, first time caller. I have a tl;Dr at the end, because I'm gonna give a lot of information here.

My spouse and I are currently living in Springfield with his family, two parents and his 95 year old grandmother, as well as our toddler. Our house is technically a three bedroom, but we've used the basement as extra bedroom. Honestly, we're a little cramped.

We're saving aggressively, but income is limited, and we believe our budget for a house, where we would feel comfortable even if there were a job loss in the family, would be around $550,000. I know. I know. But we just can't see ourselves being comfortable at more than that. My partner's earning potential is highest, and he is looking for better paying jobs, but he hasn't gotten any offers, and we're working with what we have right now. It's not necessarily a great time to be job shopping, anyway.

We don't want to rely on his parents' financially, because we want them to retire without worrying about us, and if the arrangement stops working, we want to ensure we are able to separate households. There have been arguments in the last, and while we've been able to find compromise, we are trying to be smart about the arrangement.

That said, we moved into this situation to save and buy a house nearer to his job in Boston (well, Cambridge), since the pandemic seemed like a perfect time to work remotely and save, while the companionship and support of the family were major bonuses. Ideally, when we buy a house, it would have space for all of us, as well as another kid or two in the future.

His work has told him when COVID is under control, they would like everyone to start coming in 2-3 days per week.

We have been looking at houses, and it's been a disaster. Everything is either out of budget, super small, or in need of major renovation. We've looked further out (Worcester, Framingham, central mass small towns), but the commute becomes daunting. He's fine driving, though a public transit option is always nice. But from Worcester, even the eastern side, it would be close to an hour each way.

Some options seem affordable, but somewhat unsafe, usually with terrible schools. (We actually plan to homeschool through elementary at least, but school district seems hopelessly tied to safety and real estate investment value.)

So basically, what should we do? Give up on the significant benefits of a multigenerational household to search for a more modest 2-3 bedroom? Give up 6 hours a week of time being productive or being with family to a commute so we can afford a large, move-in ready home?

Tl;Dr: I guess the question I feel like you all are best at answering: where would best suit our need for a 3-4+ bedroom house with 1700-2000 sq feet, a short commute from Cambridge, on a budget of $550,000? Is there a compromise we're missing? Where do the big, moderate-income families of the greater Boston area go??? Why is this so hard?

Sorry if this was TMI. We're just pulling our hair out, so frustrated that he's making more money than ever before, but we can't afford the house we need.

Thanks in advance for any replies.
Isn't this just a matter of prioritizing your wants and needs? Make a list and weigh out what you are willing to compromise on (or give up), highest priority to lowest. You are not going to get everything you want so put your priorities in order then you can concentrate on best places for you.
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Old 02-12-2021, 12:30 PM
 
1,530 posts, read 836,887 times
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Originally Posted by msRB311 View Post
Harvard and MIT both have hiring freezes right now.
Yeah, that’s not temporarily related to the covid at all... What’s more Cambridge real estate has skyrocketed over the past 12 months in the face of the pandemic. Harvard IS hiring, perhaps unofficially but I know first hand of several external hires in the past 6 months. if anything they have a temporary headcount freeze, which makes sense for most organizations at this time. Nevertheless, if you’re suggesting the universities could negatively impact Cambridge real estate, you’ve got a vivid imagination.
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