Investing in Boston and What Drives the Appeal
June 5, 2017
Home prices in Massachusetts continue to climb, especially as inventory continues to drop. The tight housing market that the Bay State is currently in will most likely continue to grow tighter, especially as Boston continues to attract an ever-growing number of families and professionals attracted to the Hub of the Universe. This attraction spells out an incredible real estate investment opportunity, but why does it exist in the first place? What’s the draw to invest in Boston instead of another capital city in the country?
While Boston’s real estate market is only rivaled by San Francisco and New York City - which can be intimidating to would-be investors - there’s a wealth of potential even for those that don’t live in Massachusetts. Don’t let the high prices scare you away; the projected returns on Boston real estate are expected to grow even as global stock markets fluctuate.
World reports, such as the Global Property Handbook, places Boston amongst the top 15 most desirable cities in the world. Boston is a strong city for practicality, emotional appeal (encompassing areas like shopping and cultural richness) and finances (including ease of doing business and high property value). Boston comes third on a world scale for practical factors alone: strong education, air travel connectivity, environmental friendliness, and personal safety culminate our appeal. Boston beats out other US cities like Chicago, San Diego, and Houston in this assessment.
Boston is consistently ranked one of the best cities to live in for all types of individuals: there’s something for every runner, scientist, student, and entrepreneur, just to name a few of the lifestyles drawn to Boston. Our school smarts are of particular interest. More than fifty higher education institutions in the greater Boston area make it a sought-after destination, making it a hub for college students and young professionals looking to rent in and around the city.
With the demand for housing continuing to skyrocket landlords and property owners have more advantages, such as more selectivity in choosing their unit’s tenants. The high demand for housing, coupled with the large number of renters and increasing rental prices, makes Boston real estate a wonderful, long-lasting investment choice for years to come.
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