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 |
| BACK BAY | $2,198 | $2,732 | $3,625 | $5,330 | $8,000 | $13,500 | $3,896 |
| DOWNTOWN | $2,110 | $2,532 | $3,528 | $4,350 | $6,250 | – | $3,470 |
| BAY VILLAGE | $2,093 | $2,741 | $3,045 | $4,400 | $5,200 | – | $3,487 |
| SOUTH END | $2,065 | $2,686 | $3,446 | $4,387 | $5,991 | $6,475 | $3,506 |
| NORTH END | $2,076 | $2,538 | $3,110 | $4,019 | $5,616 | – | $3,222 |
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 |
| All Boston | $816,353 |
| Back Bay | $5,821,429 |
| South End | $4,153,261 |
| Beacon Hill | $3,722,656 |
| Brookline | $2,735,813 |
| Cambridge | $2,026,928 |
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 |
| All Boston | $730,242 |
| Back Bay | $1,825,695 |
| Seaport | $1,715,520 |
| Downtown | $1,660,667 |
| Bay Village | $1,555,412 |
| Beacon Hill | $1,357,987 |
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 |
| All Boston | $765 |
| Seaport | $1,547 |
| Back Bay | $1,367 |
| South End | $1,365 |
| Downtown | $1,238 |
| Beacon Hill | $1,208 |
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.
Josue Vargas
Posted date:September 12, 2022
Josue Vargas has been a licensed real estate professional since 2003. Mr. Vargas began his career in the leasing field and after 5 successful years started managing a team within Boardwalk Properties. His team consistently closed over 1 million gross in transactions annually. In 2014, Mr. Vargas transferred to a partnering office and started his venture into real estate sales. From his first 8 years as a leasing agent, he learned the numerous areas of Boston, the changing dynamics in the market, and the variances in each and every neighborhood. This made for a seamless transition. Working closely with experienced fellow agents Josue became one of the top agents at NextGen Realty. After this successful start he decided to share his wealth of knowledge and lead the office sales team. Under Josue’s guidance, Douglas Paul Real Estate and NextGen Realty closed over $100 million gross in sales transactions in 2018 and continue to be market leader in investment sales due to the large database of investors in and around the City of Boston. Understanding the markets ebb and flow, he does most, if not all of his investment sales off-line. Investors value his intense work ethic to find off market properties and his relentless pursuit of knowledge in the real estate industry. Josue Vargas became a partner in 2017 and continues to work closely with Boston Pads to lead its sales team to great success.
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