All the talk of cities becoming unaffordable highlights the importance of looking slightly further afield, especially for first-time buyers.
Many of the familiar neighborhoods of Manhattan, Brooklyn, and Queens are approximately $1,000 per square foot, with the most affordable market-rate 1BR apartments starting around $500,000. But the NeighborhoodX NYC team explored the Bronx and found market-rate apartments under $75,000.
The prices for entry-level apartments in Boston have also been moving higher year over year. Transitional neighborhoods are becoming increasingly established, and established neighborhoods are becoming increasingly aspirational.
With this in mind, the NeighborhoodX Boston team analyzed the greater Boston housing market to see how far out buyers must travel to find a one-bedroom condo for $150,000 or less. For the purposes of this analysis, we used the searched within Route 95 ringing greater Boston.
As of today, there was only one property for sale in Boston proper: a 712sq.ft. 2BR condo at 1409 River St. in Hyde Park.
It is worth noting that there were no condos within this price available in Brookline, Cambridge, or Somerville (as might be expected). But there was also nothing available in Chelsea, Everett, Malden, Melrose, or Quincy. There was only one listing that met this criteria in Revere - and the remainder were in Lynn.
Might this signal the beginning of Lynn's revival?
Click on the addresses to link out to the property listings.
For market commentary or for data regarding a story, please contact us at (917) 447-8800.
August 7, 2017
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