Newton, MA, is one of the most sought-after towns in Massachusetts. With its great school system and low crime rate, it’s no wonder why it is so expensive to live here. That being said, renting in Boston, MA, can be just as expensive as owning a home.
That's why this blog will discuss what is the best option for you: should you buy a Newton, MA, home or rent a home in Boston instead? The following will aim to break everything down for you so you can make the best decision for yourself.
Buying in Newton vs. Renting in Boston
Buying a home in Newton, MA, can be very expensive and will require you to save a significant amount for a down payment. The median selling price for a home in Newton, MA, is nearly 1.4 million at the moment. This means a 20% down payment will be a rather large price compared
to other suburbs in the Massachusetts area. That being said, rent in Boston is also very expensive. The average 1-bedroom apartment can range from $3,000 - $3,500, making rent very pricey. Therefore, you might save a little by renting, but you won’t fully own your property. Buying a home allows you to gain equity and makes your home a worthy investment!
Lifestyle Considerations
A large part of this decision is based on your current lifestyle. Ask yourself questions like: “Where do you work?”, “What's your 5-year plan?”, and “Do you plan on moving”?
Answering these questions can help determine if a home in Newton, MA, is truly for you. If you plan to move in a few years, then maybe renting in Boston is the better option. That way, you can leave at any moment and not feel stuck in one area. However, if you plan to stay and commute to Boston or other areas, then Newton, MA, could be perfect for you. It has great neighborhoods and school systems as well for those wanting a family. That being said, Newton, MA, lacks the nightlife and public transportation that Boston, MA, has.
First, decide what you’re looking for and then focus on the specific details of each property type to purchase. This will help you get the best answer for your current and future situation.
Investment Potential
For those looking to invest in a property and gain a return in the future, then owning a home in Newton, MA, is the clear winner for you. A home, in general, is a great investment, but an area like Newton, MA, just continues to rise in property value. When you rent in Boston, MA, your money is just going to bills, and you gain no equity or ownership whatsoever.
Need Advice From a Professional like Hans Brings?
If you’re looking to decide if buying a house in Newton, MA, is truly the best move for you, then get in touch with a professional like Hans Brings. His team has been helping homebuyers and sellers in Massachusetts for numerous years. His incredible knowledge of the housing market can help you make the right decision!