If you’re currently renting a Beacon Hill apartment and have dreams of buying a Boston Beacon Hill condo for sale, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, home ownership may be closer than you realize.
The Cost of Renting an Apartment
According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years.
Rising Apartment Rents
When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason, and 42% of renters believe their rent will rise every year. The full results of the survey can be seen below:It’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see below.There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again, it’s never a bad idea to reconsider your family’s plan and ask yourself if renting is your best angle going forward. When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”
The reality is, the need to produce a 20% down payment is one of the biggest misconceptions of buying a Beacon Hill condo for sale, especially for first-time buyers. That means a large number of renters may be able to buy now, and they don’t even know it.
Bottom Line
If you’re one of the many Beacon Hill apartment renters who are tired of rising rents but may be confused about what is required to buy in today’s market, let’s get together to determine your path to buying a Boston Beacon Hill condo for sale
Boston Beacon Hill Condos for Sale
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Beacon Hill apartments for rent: Starting dates Now thru September
Studios and 1 bedrooms
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Beacon Hill Apartments 2 bedrooms September 2019
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View Boston Beacon Hill apartments for rent. Are units are available with start dates from Now through September. Our listings are updated in real time.
If you’d like to schedule an appointment, I’m available to assist you 24/7. The best way to reach me me is via email or cell/text at 617-595-3712.
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