Homeownership is a personal and financial goal that most, if not all, Americans hope to achieve. There are many benefits: building home equity, steady fixed-rate payments that allow for longer term financial planning, additional privacy, and many more. However, it also typically requires higher up- front costs, property tax payments, and unexpected maintenance expenses. If you’re thinking of buying, think of the long term pros and cons and make sure you’re ready to make the financial commitment. Once you are ready, here’s a sneak peek into what similar monthly payments could get you if you decide to rent apartments in Boston versus if you decide to buy.
If your budget is $2,200/month:
Apartment: 1-Bed, 1-Bath Apartment for $2,200 a Month
Area of Boston: Allston/Brighton
If you’re looking for one bedroom apartments in Boston, this may be your new home. It has spacious living areas, and hardwood flooring. The kitchen has plenty of space for food prep and has all necessary appliances. Both heat and hot water are included with the unit. There are multiple public transportation options available within 0.1 mile of the apartment. Book your appointment to see this charmer today before someone else rents it.
Condo: 2-bed, 1-bath Condo for Sale $435,000
Approximate Monthly Payment: $2,185 a Month
Area of Boston: Allston
Not all condos in Boston have incredible city views, but this unit certainly does. Equally sized bedrooms make for a perfect layout, with ample amount of sunlight, and hardwood floors throughout. INVESTORS are welcome. Please note that this unit is currently leased until 8/31/22 @ $2250 per month. A few minor touch-ups could immediately add value. This condo is located within a close proximity to multiple public transportation options.
Listing Courtesy of Seller’s Representative: Kevin Lehrer, Boston’s Best Realty
If your budget is $2,600/ month:
Apartment: 1-Bed, 1-Bath Apartment for $2,600 a Month
Area of Boston: South End
Have you been searching for one bedroom Boston apartments? If so, you need to see this gorgeous unit in person. Let’s start with the deluxe open kitchen. The white cabinets are all the rage these days. The matching white solid stone countertops add an elegant touch. The stainless-steel kitchen appliances complete the look. They include an electric stove, built-in microwave oven, dishwasher, disposal, and refrigerator. Other amenities include in the wall AC, hardwood floors, and laundry in the building. Public transportation is available within 0.1 mile of the unit.
Condo: Studio style set up, 1-bath Condo for sale $549,000
Approximate Monthly Payment: $2,471 a Month
Area of Boston: South End
Studio style Boston condos are rare, so hop on this one if you’re interested in owning a smaller space that’s well laid out. The kitchen features stainless appliances and granite countertops. An immaculate bath with mosaic tiles brings together an elegant condo that’s suitable for any occupant. The morning sun shines through the charming bow window. This unit has tons of charm with exposed brick and original pine floors throughout. It also includes a custom Murphy bed with built-in storage compartments, and spectacular walk-in closet that allows full maximization of living space. This condo is located close to public transportation.
Listing Courtesy of Seller’s Representative: Duncan Czamanske, South End Realty Group
If your budget is $3,200/ month:
Apartment: 2-Bed, 1-Bath Apartment for $3,000 a Month
Area of Boston: South Boston
Your search for Boston apartments could be over. Once you see this stunning unit, you’ll probably want to stay. The eat-in kitchen features stylish white cabinets, solid countertops, and white appliances. Other amenities include hardwood floors, spacious bedrooms, a nice bathroom, a large living room area where you can entertain or simply relax after a long day of work or school. There is also laundry available in the building, and this unit receives tons of natural light. There are public transportation options available within 0.2 to 0.1 miles of the apartment.
Condo: 2-bed, 2-bath Condo for sale $729,900
Approximate Monthly Payment: $3,217 a Month
Area of Boston: South Boston
Sun filled, spacious, two floor Boston condos don’t stay on the market for too long. This charming home with bonus space and gleaming hardwood floors is sure to sell fast. The kitchen and bathrooms have recently been updated and include everything you would expect from such a luxurious home. You will truly enjoy your two private decks, one off the kitchen and a rooftop deck off the master suite. The skylights make this home feel even larger than it is. A stackable washer and dryer is included. Public transportation is within close proximity to your new home
Listing Courtesy of Seller’s Representative: Ruth Green, Conway Cityside – S. Boston
If your budget is $4,000/month:
Apartment: 3-Bed, 2-Bath Apartment for $4,000 a Month
If you’ve been looking at luxury Boston apartments don’t make any decisions until you see this incredible unit. The open kitchen includes white cabinets, dark stone countertops, and stainless-steel appliances such as a dishwasher, disposal, electric stove, built-in microwave oven, and a refrigerator. This is a pet friendly apartment. The bedrooms are spacious and so is the living room. Other high-end amenities include washer/dryer in the unit, and central air conditioning. Parking is available in the driveway and garage. If you utilize public transportation, there are multiple options available near the unit. The Fee has been recently reduced by 50%.
Condo: 3-bed, 2.5-bath Condo for sale $999,900
Approximate Monthly Payment: $4,089 a Month
This spectacular townhouse was built in 2013 and has so much to offer. There’s a large open space for living, dining and kitchen areas. Abundant sunlight and hardwood floor throughout the layout. It features a modern kitchen, garage, and a private setting, which is a rare find in Cambridge. There are multiple public transportation options within close proximity of your new home.
No Condo fee!
Listing Courtesy of Seller’s Representative: Yanling Zeng, Quintess Real Estate
Consult with the Experts
If you’re interested in buying, but aren’t sure if you’re ready for that step, talk to the experts. Seasoned real estate agents will be able to give you insight into the current market. A mortgage broker will be able to help you get insight into what you can afford to purchase- either with a pre-qualification or a pre- approval depending on your individual situation.
You should be aware of the fact that there can be unexpected costs to homeownership. That needs to be factored into the equation when you’re considering whether to rent a Boston apartment or purchase a condo. For more market data, please check out the Boston Pads real estate portal.
**Our mortgage calculator allows you to make adjustments to the length of the loan and interest rates, so you can see how differences in loan terms impact your monthly payment. For the purposes of this article, a 3.5% interest rate was used.
Published May 6, 2022