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The median home prices in Boston metro are actually higher than NYC area by nearly $30,000. Boston itself has very high rents as well-and I agree with another poster that mentioned that it doesn't make sense. At least not to me-but DC is starting to be the same too.
Boston is a physically tiny city (I lol'd when you mentioned there are only triple deckers in neighborhoods "far from the center") which has inflated COL tremendously as gentrification took hold (similar to DC and SF, which also have physically small cities-despite their enormous metros.) Philly (and even NYC to a degree) have many neighborhoods that are significantly less expensive than the gentrified areas-which leaves room for many good bargains as areas develop and gentrify.
I often say the same lol (even if an exaggeration) -and I have a lot of family in Boston and visit at least once a year-it's a great city, but for the cost? No.
Yeah I think Philly is a way better bargain than Boston
Yeah I think Philly is a way better bargain than Boston
Though Similar neighborhoods in Boston + Philly are going to be very comparable in price. The nicer parts of the city of Philadelphia arent going to be any cheaper than the nice parts of Boston.
The highest end suburbs of Boston arent going to be any more expensive than their Philadelphia counterparts.
The difference in cost of living comes in the fact that Philadelphia is bigger and has more poor post industrial areas than Boston which skews c.o.l. statistics. And as always geography plays a huge part in C.O.L.and real estate prices. Boston being coastal is going to have lesser supply/greater demand than landlocked Philadelphia.
Though Similar neighborhoods in Boston + Philly are going to be very comparable in price. The nicer parts of the city of Philadelphia arent going to be any cheaper than the nice parts of Boston.
The highest end suburbs of Boston arent going to be any more expensive than their Philadelphia counterparts.
The difference in cost of living comes in the fact that Philadelphia is bigger and has more poor post industrial areas than Boston which skews c.o.l. statistics. And as always geography plays a huge part in C.O.L.and real estate prices. Boston being coastal is going to have lesser supply/greater demand than landlocked Philadelphia.
Isn't the average 1 BR rent in Boston several hundred dollars more expensive than that Philly?
Though Similar neighborhoods in Boston + Philly are going to be very comparable in price. The nicer parts of the city of Philadelphia arent going to be any cheaper than the nice parts of Boston.
The highest end suburbs of Boston arent going to be any more expensive than their Philadelphia counterparts.
The difference in cost of living comes in the fact that Philadelphia is bigger and has more poor post industrial areas than Boston which skews c.o.l. statistics. And as always geography plays a huge part in C.O.L.and real estate prices. Boston being coastal is going to have lesser supply/greater demand than landlocked Philadelphia.
Partial truths, but at no level is it apples to apples.
Go to realtor.com and look at Society Hill vs. Beacon Hill. You're talking a difference of 200% on comparable homes. Or look at a Main Line suburb like Bryn Mawr, PA vs. the western suburbs of Boston like Chestnut Hill, MA or Wellesley, MA or Weston, MA. The glaring difference is the barrier of entry in these communities. At the highest end, not a significant difference.
There really is a disparity in prices, a bigger one than could ever be justified even by a loyal Bostonian.
It's not really that far off, at least on the lower end.
Boston is very close to NYC level rents for most people. Of course, NYC has a small minority of places where you can spend levels of money that Boston simply doesn't have. But that jacks the average way up. I think the medians are about the same.
Boston is very close to NYC level rents for most people. Of course, NYC has a small minority of places where you can spend levels of money that Boston simply doesn't have. But that jacks the average way up. I think the medians are about the same.
My mind goes to Manhattan. When you include the five boroughs, you're right, it is very close.
Isn't the average 1 BR rent in Boston several hundred dollars more expensive than that Philly?
What is the reason for that?
Could it be that Philadlephia has significantly more apartments at lower range. Point being living in the higher end residences and neighborhoods of both cities and metroes are going to be similar regarding c.o.l..
Go to realtor.com and look at Society Hill vs. Beacon Hill. You're talking a difference of 200% on comparable homess. Or look at a Main Line suburb like Bryn Mawr, PA vs. the western suburbs of Boston like Chestnut Hill, MA or Wellesley, MA or Weston, MA.
I did a quick look Big Guy.
Villanova + Gladwyne are 2 small villages with combined population of 13,000. There are currently 44 homes for sale over $1.2 M
Meanwhile Chestnut Hill Mass has a poplation of 40,000 and has 25 homes for sale over $1.2 M.
I dont believe the the 200% increase for Beacon Hill over Society Hill at all. I'll check into that when I get time. Perhaps you found some bad information. Society Hill has listings at $3,750 per sq ft on some of their newer homes.
Villanova + Gladwyne are 2 small villages with combined population of 13,000. There are currently 44 homes for sale over $1.2 M
Meanwhile Chestnut Hill Mass has a poplation of 40,000 and has 25 homes for sale over $1.2 M.
I dont believe the the 200% increase for Beacon Hill over Society Hill at all. I'll check into that when I get time. Perhaps you found some bad information. Society Hill has listings at $3,750 per sq ft on some of their newer homes.
The number of homes in Boston for sale, in general, is the reason it's so competitive. Huge shortage as compared to the demand. Towns of 20-50k in population often have less than 20 homes for sale. It's WILD. As I said, on the high end, there's little disparity between any ultra wealthy communities in Boston, Phila, or otherwise. But, look below for the massive gap in barrier of entry within these respective communities. I'll do SFH, not condos, and (somewhat) similar sq.ft. and in similar shape.
And this is why people are saying Boston is a rip off. It's a really dire situation.
Last edited by mwj119; 01-18-2018 at 10:11 AM..
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