Choosing to rent rather than buy in Boston?

The Boston Globe is hoping to hear why you are making that decision.
Send me an email at jmckim@globe.com

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September 30 2010 - Boston
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Answers (3)

A lot of it will depend on which market you are looking at living in.
Many of Boston's neighborhoods have been rising to an average of
over $1700 for an apartment, up 1.3%.  This has been attributed to the fact that certain areas are showing <5% availability in rental properties, especially those that contain more than 40 units.

This would lead me to believe that purchasing would be better for many people, depending on their financial abilities. When getting into purchasing, there are usually many more bills that you have to worry about.  Many people that I have dealt with have forgotten the fact that if they will  be buying a condo or townhouse, they will be paying those common fees that are associated with the up-keep of the property. Depending on the building and the location, these fees can easily add up to a large chunk of your monthly expenses, but you will be obtaining a great rate (with suitable credit) and you will be adding to your equity, both of which are very positive.

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October 25 2010
Reasons to rent:
1. Short term need horizon
2. Concern about market downturns
3. If rental supply is high then sometimes renting is far cheaper than buying.
4. Fewer financial hurdles

Reasons to own:
1. Long term need horizon
2. Feels good
3. Potential appreciation
4. Ownership costs can be constant and rents can shoot up (in this regard, for some buyers, a purchase can be seen as being more conservative).

Some landlords, either knowingly or unknowingly, give huge discounts to their tenants.  For example, friends own a townhouse in Brookline (NYC) worth $800,000 and charge only $3,500 in rent - what a bargain for the renters who would pay over $6,000 to own that townhouse.

In the end we are all renters so to speak because ownership is rarely permanent in the long run.  Renting is just another form of ownership, but it is not fee simple, as ownership is.


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October 06 2010

Between the rates at an all time low and the housing market aggressively priced it would see like an ideal tie to buy as opposed to renting. You have the mortgage interest deduction, tax deduction and appreciation which you will gain.

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October 06 2010
 
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