Rent or Buy in Somerville, MA - You be the Judge
This week we are highlighting Somerville, MA in our rent versus buy breakdown.
Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area. If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Somerville may help you decide.
A quick look at Craigslist and boston.com showed rentals for 1-2 bedroom apartments in Somerville MA coming in at $1,800 and higher. Let’s work with this new Somerville rental on Fitchburg Street: 1 bedroom apt., listed for $1,800/month (heat and hot water included). To rent, you would need $5,400 for the first, last and security or $7,200 for first, last, security and fee.
For Rent: Fitchburg Street, Somerville Rental
For Sale: Tufts Street, Somerville Unit 4
Multiple Listing Service shows this listing ampng the active Somerville condos on Tufts Street: 2 bedrooms, 1 full bath, 940 square feet, listed for $264,900. A 5% down payment would be $13,240 with a mortgage of $251,655, based on a 4% interest rate, condo fee and real estate taxes the monthly cost would be $1,530.
You can search here for recent Somerville closings: Avenue 3 Sold Properties Search
Total monthly costs for the 2 bedroom condo $1500.00 compared to the 1 bedroom apt. for $1,800 .
Our advice? Look at your own situation, investigate the numbers and understand which alternative is right for you. If you'd like to have a conversation about this topic Contact Us, we'd love to hear from you and answer any of your questions.
All the current available listings in Somerville can be found here: Avenue3PropertySearch
and here are the pending sales for Somerville and all the other communities we track ...