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Old 02-24-2023, 01:44 PM
 
3,626 posts, read 1,851,774 times
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Quote:
Originally Posted by Moh1988 View Post
We basically continue to rent and there is nothing wrong with that
Very happy paying $3600 in the Belmont/Lex area for my 3bd/2ba apartment.

I'd freak if I ever had $3600/mo. of my hard earned dollars going to rent. (I haven't rented since like 2011 so all rent prices today are shocking to me ) However, for the beds/bath you are getting renting is now cheaper than if you were to buy with 20% down in Belmont. As an example, this one would be like $5800/month mortgage/taxes/insurance...so yeah, I guess you have a 'good' deal. https://www.zillow.com/homedetails/2...56411079_zpid/
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Old 02-24-2023, 01:52 PM
 
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Renting makes sense to keep flexible about jobs and locations, but you are never out from under the possibility of rent hikes on top of high rents.

I haven't rented since 1988 and have felt very protected from the real estate wars. However, when I wanted to move out of Massachusetts in retirement, my house was on the market for all of five days. I have always had to owns since I adopt multiple senior dogs and rentals are the worst for any pets.
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Old 02-24-2023, 03:14 PM
 
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Quote:
Originally Posted by charolastra00 View Post
You need to make $166,514 to afford a 450K mortgage - solidly more than lower middle class.
It's not more than middle class. The mortgage for the average house, a nice daycare, a vacation a year. These are the things that define the middle class.
The median income in MA (US?) isn't enough to live a middle class life.
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Old 02-24-2023, 03:39 PM
 
852 posts, read 556,077 times
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Eventually, only high salary professionals and locals with inherited homes can manage to live in Boston area comfortably. It happens in many places.
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Old 02-24-2023, 05:00 PM
 
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Quote:
Originally Posted by Lampert View Post
It's not more than middle class. The mortgage for the average house, a nice daycare, a vacation a year. These are the things that define the middle class.
The median income in MA (US?) isn't enough to live a middle class life.
A quick google search reveals the median HHI in MA is around $86k. That's enough to just barely cover the cost of basic living necessities. I don't know how a household with one kid or even more than one would be able to comfortably live here on that. I'd imagine it would be tough as a single to do it.
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Old 02-25-2023, 05:04 AM
 
1,541 posts, read 1,127,226 times
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Quote:
Originally Posted by newenglandgal123 View Post
A quick google search reveals the median HHI in MA is around $86k. That's enough to just barely cover the cost of basic living necessities. I don't know how a household with one kid or even more than one would be able to comfortably live here on that. I'd imagine it would be tough as a single to do it.
HHI includes singles and elderly so its going to be lower than the median family of four. Compare to $48k median per capita income (I can't find a recent number for median family income).

It's still not good, but people do it by renting like the person above who is paying about 25% below a comparable PITI of owning.
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Old 02-25-2023, 05:42 AM
 
Location: Suburban Boston Lifer
181 posts, read 124,729 times
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I would love to know the median income for a Massachusetts family of 2 adults and 2 dependents. 150-200k would be my guess
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Old 02-25-2023, 06:44 AM
 
2,710 posts, read 1,736,446 times
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Quote:
Originally Posted by newenglandgal123 View Post
A quick google search reveals the median HHI in MA is around $86k. That's enough to just barely cover the cost of basic living necessities. I don't know how a household with one kid or even more than one would be able to comfortably live here on that. I'd imagine it would be tough as a single to do it.
That also includes all of western MA and central MA which are way cheaper than eastern MA.
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Old 02-25-2023, 06:49 AM
 
2,710 posts, read 1,736,446 times
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Quote:
Originally Posted by Moh1988 View Post
We basically continue to rent and there is nothing wrong with that
Very happy paying $3600 in the Belmont/Lex area for my 3bd/2ba apartment.
Omg rent is insane now. That's higher than my mortgage.
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Old 02-25-2023, 06:51 AM
 
2,710 posts, read 1,736,446 times
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Quote:
Originally Posted by bricka View Post
people who got/refinanced a mortgage inside of 495 prior to 2022 are playing a totally different game of life.

i think it will take a very long and deep recession to shake these people out of their homes.
Just like how people who bought 10, 20, 30 years ago are playing a totally different game.

I'm going to keep my <3% mortgage for as long as possible. I will never sell if I can help it. I also have a 1.24% car loan that I never want to pay off.
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