Top 5 Most Expensive Neighborhoods in Boston in 2022
Whether you buy a property or rent an apartment, the cost of living in Boston is high. Over the past decade, Boston has climbed up the list of the most expensive cities to live in the US. This trend has been fueled by steady population growth and a shortage of housing inventory, which has sent Boston’s average rent and home prices through the roof.
Now, Boston’s average rent price is nearly as expensive as New York City or Silicon Valley. If you’re wondering where Boston’s most expensive places to live are, you came to the right place. This article will rank the top 5 most expensive neighborhoods in Boston to both rent an apartment and purchase real estate.
Top 5 Most Expensive Neighborhoods to Rent an Apartment in Boston
Our data shows that Back Bay is the most expensive place to rent an apartment in Boston. The average rent price in Back Bay is $3,896 for non-luxury apartments, which is over $1,000 more than the average rent price for Boston apartments ($2,801). Downtown Boston ($3,470), Bay Village ($3,487), South End ($3,506), and North End ($3,222) round out the top 5 neighborhoods where the average rent is highest in Boston.
|Neighborhood||Studio||Bedroom 1||Bedroom 2||Bedroom 3||Bedroom 4||Bedroom 5||Avg. Rent|
|City Of Boston||$1,945||$2,250||$2,776||$3,218||$3,953||$4,780||$2,801|
Top 5 Most Expensive Neighborhoods To Buy A House Boston
In addition to having the highest average rent price in Boston, Back Bay also holds the highest 1-year median sale price for single-family homes among all Greater Boston neighborhoods at a whopping $5.82M. South End ranks 2nd with a 1-year median sale price of $4.15M for single-family homes, and Beacon Hill ranks 3rd at $3.72M. Two of Boston’s suburbs, Brookline and Cambridge cracked the top 5 most expensive places to buy a home in Greater Boston, with 1-year median sale prices of $2.74M and $2.03M respectively. All of these are more than double the 1-year median price for single-family homes for sale in Boston.
|Area||Single Fam Med Price Aug 2022|
Top 5 Most Expensive Neighborhoods To Buy A Condo Boston
The most expensive neighborhood in Boston to buy a condo is, surprise, Back Bay with a 1-year median sale price of $1.83M. Seaport ranks a close second with a $1.72M median condo sale price. Downtown ($1.66M), Bay Village ($1.56M), and Beacon Hill ($1.36M) round out the top 5 most expensive neighborhoods to buy a condo in Boston, each with a median price tag over $1 million dollars for condos. The city-wide median sale price for Boston condos is $730,242.
|Area||Condo Med Price Aug 2022|
Top 5 Most Expensive Boston Neighborhoods By Price Per Square Foot
If you look at price per square foot, Seaport is the most expensive neighborhood to buy real estate in Boston at $1,547 per sq. ft. Back Bay, South End, Downtown, and Beacon Hill round out the top 5 most expensive neighborhoods to buy real estate, all with average price per square foot above $1,200. The city-wide average price per square foot for Boston real estate is $765 for comparison.
|Area||Avg. Price per sq ft Aug 2022|
Most Expensive Places to Live in Boston
In conclusion, neighborhoods near Downtown are the most expensive place to live in Boston. That fact is true whether you plan to purchase a home or rent an apartment. In fact, all of Boston’s most expensive neighborhoods to rent an apartment and buy a condo are located within walking distance of Downtown. So if you plan to live in Back Bay, South End, Seaport, Bay Village, or Downtown, expect to see some hefty price tags for homes and apartment rentals.
If you’re looking to purchase a single-family home in Boston, you won’t find many in these downtown neighborhoods. The supply of single-family homes in the city is notoriously low, which is why prices for these properties are significantly higher compared to other property types. For this reason, a few of Boston’s premier suburbs, Cambridge and Brookline, rank in the top 5 for most expensive neighborhoods to purchase a home.