Renting Is Officially Cheaper Than Buying In US Metro Areas

According to a new report by Realtor.com, renting is now cheaper than buying in all 50 of the major metro areas in the US. Last year, residents in 45 out of 50 of the biggest metro areas found renting prices more reasonable than buying. However, five areas have since changed their tune: Memphis, Bir

Rent in Boston isn't cheap, and it isn't getting any cheaper with rents on the rise.

As of March 2024, the median rent price in the Boston-Cambridge-Newton area is $3,939.50, according to a report released in April 2024 by housing inventory website Rent.

While the overall state's median asking price is a little lower at  $3,243, Massachusetts rent is the highest in the nation, according to the report.

This estimate is coming at a time where nearly a fifth of Boston's population was reported below the poverty line, according to 2022 U.S. Census data.

The year-over-year percentage change in median rent prices is estimated to be at 2.63%.

Boston rent prices have climbed slowly but significantly since February 2019.

According to data on asking rent prices in this report, five years ago, the asking rent price was $3,144.50.

In February 2020, the average asking rent price was $3,413.50.

In February 2021, asking rent prices actually dropped to $3,048.75, which was most likely due to the pandemic.

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But the next year, the price shot back up, eliminating any saving for renters rising to $3,625 in February 2022. The next year, it jumped just a little higher to $3,641.75.

And in 2024, asking rent price and median rent price in Boston is almost $4,000, at $3,939.50.

With applications for the City of Boston to help with rent relief ending in 2023, with a weakened version set to launch in 2024, and few rent assistance options from the state government, many in Boston may be set to face higher rent prices amid inflation and rising food prices in the years to come.

The report says that Massachusetts' median rent price is $3,243 in 2024, and the year-over-year change is estimated to be 1.42%.

The report did not list Rhode Island, Vermont or Maine's state median rent; however, it did estimate that Connecticut and New Hampshire's median rents are $2,368 and $2,090, respectively. The two states both saw steep year over year rent increases.

Rin Velasco is a trending reporter. She can be reached at [email protected].

News Source : https://www.patriotledger.com/story/news/2024/04/24/rent-boston-ma-newton-cambridge-housing/73367619007/