Boston High Rise Condos for Sale and Apartment Rentals
Charles River Park Condos: Is it better to rent or own
Wondering whether it makes more sense financially to rent or buy a Charles River park condo?
The answer depends — how long are you planning to stay at Charles River Park.
Rent or Buy?
That been a question for many downtown Boston condo renters. Real estate website Zillow reports that while nationwide, rents grew 3.3% over the past year, they grew n whopping numbers making downtown Boston one of the top three places to rent in America.
Good News
The good news is that Charles River Park condos are one of the lowest priced per sq ft. in downtown Boston, comparatively speaking. Yes, home values are climbing, but mortgage rates are still at historic lows. New Federal Housing Administration loans are targeted at first-time homebuyers with extra-low down payments. Lower mortgage rates and down payments mean that first-time home buyers can get into the Charles River Park condo market now, pay off their mortgage slowly while your Charles River Park condo continues to rise, and have a much better chance of earning some money off your home when you sell it down the road.
Cost of Renting
The “rent vs buy” question is starting to look skewed toward “buy” in Charles River Park with the average rent in 2019 being a little over $3,000.00 per month, but do your research before you decide. A new and very useful new tool is Trulia’s Rent vs Buy calculator. Once you know a few details like the rent you pay now, the value of the home you would buy, and how long you would live there, you can plug them into the calculator. It will give you an instant readout of what your monthly mortgage payment would be (an approximate figure, of course, but still helpful), compared to your rent.
There are still other factors to consider when deciding whether it’s time to stop renting. If you rent near your place of work but can’t afford to or don’t want to buy a home there, you’ll have to factor in increased commuting costs. Keep in mind that you also will want to set aside some funds for inevitable home repairs. Owning a home gives you less freedom to pick up and move — but then again, you’ll never have to move unless you decide to!
Conclusion
With rents on the rise, don’t pay more for housing than you need to. Call your local downtown/midtown real estate agent today to find a home that will work for you — as a shelter, and as an investment toward your future. Let me know if I can help!