Boston Real Estate - Renting vs Owning

I showed a Newly renovated 3 family in Dorchester today that is listed for $229,000. When the potnetial buyer asked me about the estimated monthly mortgage payment, I did quick calculation and realized that it would be approximately $1500 per month with 3.5% down. At that moment it hit me…you can own a 3 family in the Dorchester Neighborhood of Boston MA for the same price that it would cost you to rent a 3 bedroom apartment. For me, this is a sign that we are at or near the bottom of the market in Boston. If you’re on the fence, you may want to seriously consider buying a home. With rates at historic lows and home values this low, you can own for less than it would const you to rent. I hope buyers begin to see this reality. It just makes sound financial sense. For more information you can contact the BTRG Team at 617-674-2077