Boston is the capital of Massachusetts and home to many colleges and universities. It’s also a popular destination for tourists, who come to see such landmarks as Fenway Park, the Boston Public Gardens, and Quincy Market. But with so much competition in the city’s real estate market, it can be hard to find an affordable home in Boston. Rising rents coupled with falling inventory have created a dramatic imbalance that has put homeownership out of reach for many residents.
Popular Landmarks in Boston
The popular attractions in Boston attract people from all over the world. The new cinematic experience at American Repertory Theater will allow you to see a movie without ever leaving your seat. Children can participate in art without worrying about going outside at the Museum of Fine Arts. Visitors can stroll the cobblestone streets of Boston Common and enjoy the quiet tranquility of the Public Gardens. Tourists also frequent Fanueil Hall, Quincy Market, and all the historical landmarks throughout Massachusetts.
Many companies are flocking to be headquartered in Boston because it is such a vibrant city. Whether you want to visit Faneuil Hall Marketplace or explore Boston’s Downtown Crossing, there are numerous neighborhoods with diverse cultures that will exhibit why so many people choose to live there. The area has plenty of affordable apartments for rent as well as new homes for sale in different communities like Dorchester and Jamaica Plain. When you consider how close these exceptional locations are to one another, whether by land or sea; it’s easy to see why more and more people are making the move to Boston.
Overview of Housing Crisis in Boston
With the rise of rents coupled with the drop in inventory, many homeowners are up in arms about how their neighborhoods have gotten to this point. One main issue is that there are not enough entry-level homes for people with lower incomes. In Boston alone, new home construction has been slow to develop because developers are waiting for land costs to go down. The city also has less space allocated for residential buildings compared to other major cities, which is another reason why the inventory is so small.
The high cost of living in Boston partly stems from the fact that there are not enough spaces available to create affordable housing options. Many residents are forced to share their homes with more than one roommate and even rent out a room on Airbnb, just to be able to afford the rising cost of living expenses without going into debt. For these people who live paycheck-to-paycheck, an increase in interest rates could put them at risk of losing their monthly payments or having their utilities disconnected if they aren’t prepared financially. However, most people who live in rental units are thankful to have a roof over their heads. The Boston real estate market has been improving, so there is hope for the future as far as housing prices are concerned.
Many people are drawn to Boston because of the city’s vibrant culture. There are a variety of neighborhoods with diverse cultures that make the move to Boston worth it. The area has plenty of affordable apartments for rent and newer homes for sale in different communities like Dorchester and Jamaica Plain. When you consider how close these exceptional locations are to one another, whether by land or sea; it’s easy to see why more and more people are making the move to Boston.