Buying vs renting a luxury apartment in Boston

Boston Condos for Sale and Apartments for Rent

Buying vs renting a luxury apartment in Boston

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think. 

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.

But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.

As Orphe Divounguy, Senior Economist at Zillow, says:

“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent.”

Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.

With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.

Boston Condos for Sale and the Bottom Line

If you’re tired of renting and ready to find out what it takes to purchase a home in your area now that the landscape may be shifting, connect with a local real estate agent to do the math and see if buying a home makes sense for you now or sometime soon. 

Living in a luxury apartment in Boston is a really one of a kind experience, right? Of course,
who could say no to that kind of a lifestyle? Probably somebody who never lived in an apartment that makes people feel like they are on top of the world. A luxury apartment in Boston will,without a doubt, give you easy access to all the amenities you might need and the view of the city skyline that takes your breath away. So, if this is your first time moving to Boston and you are looking for something luxurious to call home, well, your life is about to get a lot sweeter! If you have already decided that you want to live in a luxury apartment in Boston, great; the only thing left is to decide whether to buy or rent your future home. We will help you out!

Why is Boston Such a Great Place to Call Home?

Before we tackle the issue of whether you should buy or rent your luxury apartment in Boston in 2020, let us first tell you why Boston is such a great place to call home. To be honest, there are many reasons. So, let us begin with history. History in Boston is really something that you can experience and even touch, as, the history of the nation pretty much started here! Moreover, in Boston, you can experience amazing landscapes featured in all four seasons. And, if you are a sports fan, well you are in for a treat. People from Boston are really enthusiastic about their teams. However, if we have to mention the thing that describes Boston the most, it is definitely its sense of community. People from Boston really do stick together. Thus, you will get the full package – a metropolitan city and a close-knit community.

Whether you decide to rent or buy a home in Boston, be sure that this city will treat you well. Alt.tag: A park in Boston. 

Think About Your Lifestyle

Okay, now let us think about what will suit your better – renting or buying. Well, you are the
only one who can answer that question and make the decision. But, if you are not ready just yet, we will try to help you out. In order to make that decision, you must first think about your
lifestyle. If you have a lot of savings, a big budget, and a plan to stay in Boston for the bigger
part of your life, it is a much better idea to consider looking for Boston luxury condos for sale.
However, if you are still young and do not know what future holds, as well as do not want to deal with all the renovations and home repairs, then, of course – renting is for you. As you can see, a lot of factors can affect your decision of whether to rent or buy a luxury apartment in Boston. So, do not rush anything! After all, this is a big and expensive decision to make. Take your time and think about your lifestyle. Boston will wait for you, and be sure that an easy and stress-free relocation in Massachusetts is more than possible whatever you decide.

Think About Your Future

Yes, you may be young and still do not know what the future holds, as mentioned above, but
making a decision as big as deciding whether to rent or buy your luxury apartment in Boston
requires maturity and responsibility. So, what are your future plans? Do you plan on starting a
family anytime soon? If you are, you should consider renting an apartment in Boston until you
find a nice family home. Also, you should consider renting if you have an unstable job.
However, if you do have a good and stable source of income, and plan on pursuing a
professional career in Boston for years to come, then buying is definitely a better option. Thus,
again, think about your future plans and make a decision accordingly.

Is Price Important to You?

For most people, price is the key factor when deciding whether to rent or buy any property.
However, as you are looking for a luxury apartment, the price probably is not that big of a deal
for you. But, nonetheless, let us talk numbers. If you want to rent a luxury apartment in Boston,
you should plan on spending around $3,500 a month, or approximately $42,000 a year. And, if
you plan on buying a luxury apartment in Boston, you will need around $800,000, maybe even
more, depending on the location. For instance, if you want a luxury Midtown complex with a pool, be prepared to pay top dollar for it.

However, if you still have difficulties trying to calculate what is more economical,
considering hiring a Boston real estate agent. Real estate agents here really know what they are doing and they will be able to not only find you your dream home that suits your needs and budget but to also give you a good breakdown of price-to-rent ratio. According to experts, the price-to-rent ratio in Boston is a little above 19, which is considered better for renting.

Make sure that you have enough savings if you plan on renting or buying a luxury apartment in Boston. 

Conclusion

Thus, to conclude, if you are trying to decide whether you should rent or buy a luxury apartment in Boston, you should think about your lifestyle, your future, and your budget. As previously mentioned, you should put everything on paper and really think it through. Do not rush with making your decision. If you still need help, hire a real estate agent. Together with him or her, check Boston’s luxury condo market forecast for the year 2020. Your agent will also provide you with all the listings, so compare and analyze them. Then, when you have explored all the options, make a decision based on your current and future and needs and of course, your budget. Good luck!

Photos used 
https://pixabay.com/photos/boston-massachusetts-city-urban-1977008/
https://pixabay.com/photos/piggy-bank-save-piglet-economical-1595992/
https://pixabay.com/photos/boston-massachusetts-city-urban-1977009/