As many Bostonians know, the city has undergone a massive population influx in the past decade — and where there are more people, there also needs to be more housing options.
However, not all housing is created equal, according to a Wall Street Journal report. The article stats that 14 million square feet of new space is being developed, with another 40 million scheduled for the future. The majority of the space is housing, but only 17% of the new housing is classified as “low to mid-income” range.
While there are signs that the demographic market is ready for luxury condos in Boston, it may be more beneficial to head elsewhere with your money. Newlyweds looking to buy a place of their own or those looking to start a family should look towards the suburbs of Boston. Where monthly rent payments in the city translate to better views and a parking spot, that same amount would translate to a backyard, an extra bedroom and some peace and quiet.
The city’s housing market doesn’t seem to be slowing down any time soon. Last year 3,708 condos and single-family homes were sold in 2016 in Boston, an increase of 300 units from 2015. The price tags also went up significantly from 2015 to 2016. Although home prices may be high throughout the greater Boston area, buyers tend to get more for their money when they purchase homes further from the city.
Our moving company in Boston specializes in moving our clients from their Boston apartments to more spacious Boston suburb homes. If you’ve been thinking about making the move, let us help with the logistics! Contact Mastodon Moving today for a free moving estimate.