How long do owners live in a downtown Boston condo?
Single-family
One of the most frequent questions we receive is: How Long do buyers tend to own Downtown Boston Condos? According to a Recent Survey of How Long Buyers Remain in their homes, the results are quite interesting. Since 2003: 22% of single family homeowners have been in their home 10 to 19 years, while less than 15% have owned their home for 30 years or more.
Condo ownership
When it comes to Boston condo ownership the numbers tell a very different story. Move out rates for condo buyers tend to be considerably higher. In fact, based on 2005 to 2007 data, 16% of condo buyers tend to move out after their first year of ownership, with a majority of condo owners holding on to their units about 7 years maximum. The average time owners remained in their condos tended to coincide with the strength of the housing market. In periods where the market was strong, there was a decrease in ownership. When a condo market was slow or depressed the period of time for ownership increased.
Boston Downtown condo ownership
National averages aside, we have discovered thru experience that purchasing a Downtown Boston Condo is a lifestyle choice. I believe that buyers choose their lifestyle first and their condo location second. A buyer interested in a Downtown Boston condos is ultimately choosing to purchase a smaller home with more “walkable” access to work, live, and play. Every neighborhood downtown has it’s own unique set of characteristics that would attract a very diverse set of tastes and personal preferences. The ownership period for a Downtown San Diego condo goes hand in hand with how the lifestyle may or may not suit the owners needs at any given time.
Conclusion
There are two demographic groups that tend to buy Midtown Boston Condos. The first demographic group is on the younger side. Younger owners tend to be attracted to the active urban lifestyle and love living in the center of it all. Younger condo owners tend to move out and “buy up” when they need more space for growing families, marriage, job relocation, etc. The second demographic who purchase Downtown condos are more mature. They tend to be either retirement age who are downsizing their lifestyle, or looking for a second home. These purchases are more long term and ownership depends on how much time they spend Downtown.
