Boston Homes vs. Apartments with Comparable Monthly Payments

Boston apartment vacancy is extremely low at 0.43%, leaving renters with few options to choose from. On another front, interest rates to buy a home are extremely high right now after the Fed raised rates for the fourth time- and are expected to raise them for a fifth time soon. Mortgage rates are currently sitting at around 6% for a 30- year fixed mortgage in Massachusetts. Many people are confused right now- should they rent or should they buy?

While there are currently 700 apartments for rent in Greater Boston, there are 1,489 Boston homes for sale. It’s time to take a close look at your priorities, your financials, and your long- term goals. Renting allows for more flexibility, but if you know Boston is home then consider the benefits homeownership might provide you with. Let’s compare Boston apartments vs. Boston homes with comparable monthly payments.

All estimates assume 6% interest rate & 20% down payment.

Area of Boston: Allston

The spacious eat-in kitchen in this Boston apartment has high-quality wood cabinets, solid countertops and appliances that include a stove, dishwasher, refrigerator and built-in microwave oven. A conveniently easy-to-clean tile floor completes the design. The bedrooms are large and filled with natural sunlight. They all offer good closet space. The recently refinished wood floors shine bright throughout the unit. This NO FEE apartment is located nearby a few different public transportation options.

Approximate Monthly Payment: $4,950
Square Feet: 1,478

This is one of only a few single-family colonial-style homes available in Allston. For a similar monthly payment, you can enjoy an extra bedroom, and an additional bathroom, all while building wealth and equity.

The eat-in kitchen in this home has been recently refinished. It features light wood cabinets, dark granite countertops, and stainless-steel appliances including the stove, refrigerator, dishwasher, and countertop microwave oven. There are beautiful wood floors, with some carpeting and tile flooring, in this splendid home. The bedrooms have plenty of space to fit full bedroom sets of furniture. There’s even a full laundry room in the basement. As an added bonus, this home has a fenced-in backyard.

Area of Boston: Jamaica Plain

This stylish Boston apartment is located in the heart of Jamaica Plain. The modern kitchen includes stylish white cabinets, quartz countertops, and stainless-steel appliances. There are wood floors throughout the unit with the exception of the recently refinished bathrooms. The bedrooms are spacious. Laundry is available in the building. Parking is on the street. The apartment also has a yard and a front porch. Heat, hot water, electricity, and gas for the stove are all included. There are multiple public transportation options available within 0.1 mile of the unit.

Total Approximate Monthly Payment: $4,000
Square Feet: 1,449

Boston condos this nice and in this price range in Jamaica Plain are rare. This incredibly spacious two story unit has been recently refinished with a new paint job. The wood floors are absolutely gorgeous. The living room/ family area is large and in charge. It offers the perfect space for entertaining. The bedrooms are huge. The large eat-in kitchen is awesome. There are high quality wood cabinets, a full set of appliances, and everything needed to cook gourmet meals. As an added bonus, this unit has a washer and dryer hookup.

Area of Boston: South Boston

The Boston apartment is pet friendly and has parking available in the garage. The designer kitchen is absolutely gorgeous. It has dark wood cabinets, white quartz countertops, and subway tile backsplash. The stainless-steel appliances including a stove, refrigerator, dishwasher, and built-in microwave oven. The wood floors, throughout the unit, are gleaming. Both bedrooms are spacious. The living room is the perfect space for entertaining. This Boston apartment has laundry in the unit. Hot water is included. The price was recently reduced by $250. Conveniently located near public transportation.

Total Approximate Monthly Payment: $4,167
Square Feet: 815

Believe it or not, this piece of Boston real estate actually includes two (2) parking spaces. The high-end kitchen has beautiful dark cabinets and thick white marble countertops. The appliances are stainless-steel. This penthouse has amazing hardwood floors throughout. The full bathroom is modern and amazing. There’s also in-unit laundry, and central A/C as would be expected. As an added bonus, there’s even a private enclosed sunroom. Building amenities include a full fitness center, common area roof deck, and private storage area.

Area of Boston: Back Bay

This is a high-end Boston apartment for rent. The fee has been reduced by 50%, and the price is now $100 lower. The eat-in kitchen is every aspiring chef’s dream. The bathrooms are absolutely gorgeous. There are gleaming hardwood floors throughout the unit. The bedrooms provide plenty of space and storage, and the living room and dining room are also quite large. Laundry is in the unit, and parking is available on the driveway. It’s also cat friendly!

Total Approximate Monthly Payment: $5,959
Square Feet: 1,100

This is one of the most stunning Boston condos available on the market today. The kitchen has white cabinets, granite countertops and stainless-steel appliances. The open living room is spacious, and includes hardwood floors and a fireplace. The bedrooms are large as well. Building amenities include a bike room and common roof deck with amazing views of the city.

Conclusion

There are currently some great properties on the market for sale and for rent. There is no one- size- fits- all answer to the question of “should I buy or rent?” However, whatever you decide, Boston Pads can offer you the largest selection of real estate options as well as additional helpful resources. If you decide to buy, check out our mortgage calculator to figure out how much you can afford. If you decide to rent, you should take a look at our rent calculator. We can help you find a place you love- guaranteed.