Is it a good time to buy Real Estate in Boston – 2020?
Excuse me for a second, I need to dust off my crystal ball….Is it a good time to buy real estate in Boston? I can only give you my opinion, and my opinion is that Boston Real Estate is like the stock market. There are peaks and valleys, but over time, the trend has been up and ….up. The real question is why? Boston remains the economic hub of New England. It is home to world class health care, with Mass General, Brigham & Women’s , Tufts and Beth Israel consistently ranked as some of the best health care facilities. Education? Well, to state that it is home to some of the best universities and colleges isn’t much of a stretch with Harvard, MIT. Boston University, Boston College just 4 of the 35 colleges and universities that call Boston home. Industry, you ask? High Tech, Pharma, and institutional names like General Electric and Fidelity all call Boston home. The population of Boston has grown over 10% in the past ten years driven by the economic engine that drives New England. Take this growth and add to that the fact that the geographic area of Boston is quite small, and you have the 4th most densely populated region in the United States – trailing metro New York, Greater Los Angeles and the South Florida metropolitan area. When you add the commuting area suburban areas, the population surges to over 8 million making it the 6th largest combined statistical area in the country. If we take these facts – strong economy, growing population, limited land to build (population density) you will arrive at the same summation as i do…there may be peaks and valleys – but over time, the trend is up.
Does this mean there aren’t any good values in Boston?
I believe you can find value, Boston is a city of neighborhoods. Like any city, there are neighborhoods that offer different benefits. Historic Beacon Hill and North End neighborhoods still represent “Old Boston” – with remodeled homes on tiny lots in tony neighborhoods. The Seaport district is and has been the place for developers to build gleaming high rises appearing to be built with glass and mirrors with amazing water views. Back Bay continues to offer beautiful brownstones surrounding the high end shopping area built around Newbury street. This leaves numerous other parts of Boston that remain more affordable, yet connected to the downtown area by the MBTA subway “T” system. Finding value can become a real time consuming chore unless you choose to work with a Real Estate firm that will help guide you through your search.
Why is Boston real estate so expensive?
Supply and Demand economics – the demand is great, the supply (land itself) is limited. Developers must go up to build, which increases the cost to build. Zoning regulations and variances all come into play, and the Mayor of Boston has made new construction one of his top initiatives, for Boston to continue its dramatic growth; it must offer homes to the tens of thousands that are moving here. Things to consider, while real estate is expensive, interest rates are at historic lows, and while the cost of living in Boston is high, the median household income is higher $71,834 vs a national average of $61,937 . Don’t go it alone, work with a professional.
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