Massachusetts’ booming economy is bringing with it a downside for those looking to rent an apartment or buy a home in the state: soaring housing costs, particularly in the greater Boston area.
The problem isn’t new, but it’s more acute in places where the economy has taken off, spurred by a surge in the life sciences sector and the arrival of top companies like General Electric to the state.
Boston Apartments, currently priced at an average of $2,360 for a 1-bedroom according to ABODO Apartments (an online marketplace for apartment hunters), saw a slight decrease in rent price from August to September (0.1%), but nothing significant enough to make a dent in the extremely high cost of housing in the city.
Overall, Boston ranks 5th in the country in terms of rent price for a 1-bedroom apartment. The only cities that cost more than Boston are the usual suspects: San Francisco, New York City and San Jose, as shown in the chart below.
While it’s great that Boston is a growing city, if residents want to see rent prices come down to more traditional averages, they might be in for a long wait.
If you are thinking about hiring a local moving company and heading to Boston, make sure that you budget for high rent prices accordingly!