Skyrocketing Boston Rents Motivate Boston Home Buyers
It’s a great time to buy a house. Many people want to purchase a house right now, but are intimidated by some of the headlines regarding today’s housing market. People have started to notice that rents are getting higher, and they are not stopping soon. Today’s super sellers market is causing rent to reach higher prices and now is the time to get on board. Inflation has played a factor in this as the costs of living have generally gone up in America. Single family landlords are aggressively hiking up the price of rent to test the limits of a super demand for suburban housing. Rent in Boston is skyrocketing. The team at Streamline Realty is here to help you in this time of inflated rent prices. Rising rent prices means it might be a great time to buy a house no matter what is happening with home prices.
Rent is Rising in Boston
Boston rent has risen rapidly in the current year. When people think of high rent, they usually think of New York City or San Francisco. Boston is now the third most expensive place in America to rent. This number trails New York and San Fracisco, making Boston one of the most expensive places to live in the entire nationl. Suprislnly, rent in Los Angeles is less expensive than Boston. Rent prices are up in the Boston area about 27% from last year, and we are only in the spring. This means that rent is rising faster in 2022 compared to its rise in 2021, which is eye-popping.
Somne of the prices in Boston have reached astronomical highs. The median rent for a one bedroom apartment in Boston is $2,660 per month. This is a lot of money for not a lot of square footage. Boston’s median monthly rental payment is almost double than the national average for a one bedroom, which is $1,400. There are more people in Boston looking to buy a home compared to the amount of homes that are available. This has produced a red hot market where prices are rapidly climbing. With the pandemic coming to an end and the world opening up, people also want to move back into the city.
Rent is Rising around the Country
While Boston rent is hitting new highs, Boston is not alone in this. Rent is rising around the globe. The average cost of rent has surged to 17% more from a year ago. In March, rentors paid an average of $1,807. Some cities are experiencing a mass migration of people coming to their city for cheaper rent because they work from home. Others are moving back for in-person school or work and need homes in the city because restrictions on covid are easing up. All of this impacts the cost of homes. At the same time as national rents are skyrocketing, home prices are doing the same thing. However, rising rents and rising home prices are not the same thing.
Buying a House Makes Sense
Buying a house, as opposed to renting a house or apartment, just makes sense. There are numerous benefits to buying a house that renting could not do for you. You shouldn’y have to pay your landlord to stay where you live. You should have complete autonomy over your place and allow yourself to build equity. This makes your house something that benefits you in the long run. Housing costs are very consistent as well. Your monthly payment will not change if you have a fixed rate mortgage. With rent, you are at the mercy of the landlord or the apartment complex. Rent can always go up, but you can lock in a mortgage rate, which gives you a lot more financial predictability.
Having a place of your own also allows you to have so much more freedom. You can paint the walls how you want, do your own landscaping, and make unique memories from your special home. When you rent, it’s not necessarily your place. Someone is letting you borrow their space for a fee, and there are limitations. It’s simply wiser to get started on your own home and build equity for yourself.
Final Thoughts
Boston’s high rent prices can make finding a place to stay very daunting. Everyone wants a place to live in, but there are not enough to go around. The result is a red hot market where prices are soaring through the roof. Rent is something that can and will always go up. Even if you move to a different city or state, the price of rent is generally still increasing.
While home prices are also high, when compared to rent, buying a house still makes a lot more sense for many of us out here in Boston or other parts of Massachussets. If you are tired of paying rent and want to invest in yourself, contact us. The team at Streamine Realty is here to assist you in finding the perfect house. We have agents who are ready to help you avoid paying high rental prices and place you in a nice home as soon as possible. Even though home prices are rising, rental prices are rising even faster. It just makes sense to buy a house in Massachusetts.
