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!
Feel like everyone you know is moving to another city? They are, sort of.
A new study by apartment-finding platform Abodo set out to find the places Americans are leaving the fastest. Analysts looked at the U.S. Census Bureau’s American Community Survey data from September 2016 to find out how domestic migration is impacting the top 50 most populous metro areas in the country.
Out of those 50 areas, Boston clocked in as the 17th city where residents are moving out the fastest. It turns out 6.12 percent of Bostonians left the city between July 2014 and July 2015.
When you take into account the amount of people moving into the city (hello, students), Boston experienced a -0.31 percent population change. Through that lens, Boston ranks as the 15th city with the largest overall decrease in population.
Is this reason to be alarmed? Not exactly—America’s larger cities are seeing a higher degree of change. Chicago ranked as the top city with the greatest population loss due to net migration (the number of departing residents minus the number of new arrivals) with -0.84 percent. New York came in second at 0.82 percent.
“Experts have pointed at the rapidly growing cost of housing [in Boston], which has pushed a large number of residents out and has also prevented new people from moving into the city,” writes Abodo’s research team. “Job opportunities are available and the economy is solid, but the housing costs are starting to become an extreme burden to Boston residents and those hoping to move to Boston to start their next chapter in life.”
Abodo notes people are moving out of some of the county’s largest cities and coastal cities for places like Denver, Austin, and Oklahoma City, perhaps drawn to them by lower costs of living. While it’s hard to say moving inland is a trend just yet, it is safe to assume Americans enjoy moving from place to place—research shows it’s an average of more than 11 times during one’s lifetime, to be exact.
Founded on the Shawmut Peninsula by Puritan settlers in 1630, Boston is one of the most historic cities in North America. Supremely livable and set in scenic eastern Massachusetts, the city is an educational and economic hub, with numerous colleges, universities and elite businesses within easy walking or driving distance of central Boston.
Great Boston Neighborhoods
Stocked with splendid architecture, Boston Downtown and Back Bay provide residents with a fascinating sanctuary. Travel through Boston’s inner city enclave and you’ll see a delightful mix of old and new buildings, sometimes right next to each other. The 790-foot-tall John Hancock Tower on on Clarendon Street holds Trinity Church, a striking Richardsonian Romanesque structure with a red clay roof, in its shadow. Not far away, the Berkeley Building, completed in 1947, still commands attention.
If you like 19th century and early 20th century architecture, you’ll love Boston’s South End Historic District. Wide-open park spaces sit between gorgeous Italianate, Greek Revival and Renaissance Revival homes, making this district a coveted place to play house. Other highly desirable neighborhoods in the area include Beacon Hill, where residents stroll along brick sidewalks in gaslit cobbled streets and live in attractive Federal-style rowhouses. Charlestown, located north of the Charles River, and South Boston, just southeast of the Fort Point Channel are both great options for professionals and young families.
Things to Do in Boston
Boston locals consider their city a pretty fun place to live. Nicknamed Beantown because of its population’s fondness for baked beans, Boston is a foodie paradise, packed with diverse and deliciously unique restaurants. Seafood establishments like the Barking Crab Restaurant on Sleeper Street and the Atlantic Fish Company on Boylston Street serve award-winning Maine crab and a selection of contemporary recipes. Meanwhile, Boston’s steakhouses, Italian joints and Asian restaurants dish up an array of colorful cuisine.
Seasonal events make Boston a really dynamic home. Every year, the Rendez-Vous Tall Ships Regatta sails into town, bringing with it a vibrant flotilla which transforms Boston Harbor into a breathtaking vista. Athletic events include the Boston Marathon, which takes place on the third Monday of April. The city’s annual 4th of July celebrations incorporate performances by the Boston POPS Orchestra as well as a dazzling fireworks display.
The Weather in Boston
Blessed with a humid continental climate, Bostonians enjoy hot summers, cold winters and pleasant, mild spring and fall weather. Cold season fun arrives courtesy of Nor’easter systems, which occasionally drop picturesque amounts of snow on the city. Various watersports and sailing activities are popular in Boston during warmer months, so if you enjoy bobbing on the bay, this might just be your ideal locale.
Part of Boston falls into USDA plant hardiness zone 6b, while the other sits in zone 7a, both of which are very amenable to a range of plants. The growing season starts in April and lasts about 214 days, so you’ll have plenty of time to tend a garden. Apple trees, sweet and sour cherry trees and apricot trees all do very well in Boston, where self-pollinating varieties provide homeowners with reliable fruiting, year after year.
Scene of the infamous Boston Tea Party as well as the Battle of Bunker Hill, Boston boasts a rich history, which it displays in various museums and galleries. The Boston Tea Party Ships & Museum has a live-action recreation of the events that led up to the American Revolution as well as restored 18th century artifacts and historic sailing ships on display.
Science buffs love the Harvard Museum of Natural History in nearby Cambridge, where dinosaurs, minerals and meteors reign supreme and ecology takes center stage. The Museum of Science in Boston’s West End contains permanent exhibits devoted to high-tech inventions, biology and more, and also houses the fascinating Charles Hayden Planetarium. Art aficionados flock to the Isabella Stewart Gardner Museum, where paintings by John Singer Sargent sit next to works by Rembrandt, Raphael, Michelangelo and other legendary masters.
All in all, Boston makes a beautiful and diverse place to live. As a local, you’ll find everything you need within a short distance and you’ll enjoy the city’s various cultural and seasonal activities, which help replenish the soul.
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