In this email:
- Scrapping By With 200k Salary: How the rising cost of living is making the middle class further out of reach in Boston.
- Quiet Neighbors: Should you live near the cemetery?
- Market Inventory Report: Rates are up but inventory still low.
Where Your $200k Salary Goes In Boston
A $200k salary in Boston is barely enough to live a middle class life with a family of 4. Here’s a cost break down:
- Housing: An average single family home with 4 bedrooms in fair condition will cost you about $1 Million Dollars (like this one in West Roxbury, Boston) or $5,500 in monthly payments and utilities.
- Food: Boston has one of the highest food expenses in America (24% higher than national average). To feed a family of 4, you’ll need to spend about $1,200 a month.
- Childcare: Two kids in daycare will cost you about $3,500 a month.
- Transportation: Car payment with fuel and insurance will cost you $800 a month.
This adds up to $11,000 worth of monthly expenses. Your take home pay on a $200k salary in Boston is $12,000 which leaves you with only $1000 🙂
State of Market
- Single family house inventory ticked up 4%.
- Multifamily price per square foot up almost 22%
- All properties are still selling above asking
Dead Serious
My first apartment after college was situated near a quiet and idyllic street. The place was a great value ($900 for a 1 bedroom apartment) and walking distance to work. For some reason, I couldn’t get anyone in my family to visit me.Turns out, it was because I lived next to a cemetery. One of the largest in town! So my family (parents included) avoided visiting me like the plague.Fast forward to today, as a realtor, we almost always steer clear of homes near cemetery for a few reasons:In a lot of cultures and religions, it’s simply bad luck to be near a cemetery. For many Chinese, there’s heavy superstition against living by a cemetery. Many believe that living near the dead will suck away your vitality and erode away your good fortune.Statistically speaking, homes near cemetery usually sell for 12% less than similar homes in other areas without a cemetery.Finally, there’s also a concern that toxic chemicals used in preserving the body could leech into the soil, causing an environmental hazard for the nearby community. So, cemetery living isn’t for everyone. However, with the rising home prices, some people might appreciate the bargain along with some very quiet neighbors.
Meme of the Month
Share The Love
Curious what your home is worth? Looking to buy your first home? Got a friend looking for a realtor? Your referral is what keeps us running! Share the love and –> refer a friend <–
