Should we rent or buy real estate? The cost of housing nowadays is considered high by many people, and some people don't believe they're financially capable of thriving in the industry. Still, history says buying is the best option since we get a chance to build our own equity instead of a landlords.
In metropolitan areas, rentals are a considerable part of the market. The median U.S. rental price in 2019 was $1025 for a one-bedroom apartment, but $2150 for the same apartment in Boston. This is part of why we suggest people always purchase property instead of renting.
There are plenty of reasons why young adults are not as excited to buy a residence. Credit card debt, student loans, rent, expenses, expenses, expenses... the reasons pile up, but the theme of financially extorting America's youth is the recurring root. We advise people in these situations to attend first-time homebuyer programs, or speak with knowledgable Realtors like ours at Castles Unlimited.
We recommend consulting a Realtor for many reasons. It is a good first step to get professional counsel, and they can help with the planning and finding out what you can afford based on what the market has to offer.
Studies show that the cost for a single-family home in Massachusetts for the year 2019 ascended on average to $425,000, and to $390,000 for a condo. In Boston, numbers are as high as $634,000 for a single-family home. It's always worth dipping into the market to see if there's any opportunity for you. You can contact us here to get started!
If curious check out Castles Unlimited listings here!