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Rent or Buy in Arlington MA - You be the Judge
Whether you rent or buy a home in Arlington MA 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 Arlington may help you decide.
Rent: A quick look at Craigslist and Multiple Listing Service showed rentals for 2 bedroom apartments in Arlington MA coming in at $1,900 and higher. Let’s work with the $1,900/month figure. Renting this apartment would typically mean putting up $5,700 (first, last and security) or $7,600 (first, last, security and fee).
Buy: A quick look at the Multiple Listing Service for Arlington MA shows a spacious two bedroom condo for sale on Pleasant Street asking $280,000. A 5% down payment would be $14,000 – higher more than your apartment deposit (with the possibility of building equity over time). Monthly mortgage based on a 4% rate would be $1,269.92*. Monthly taxes are $278.00 and the monthly condo fee is $385.07. (BUT, it includes heat, water/sewer, snow removal and landscaping charges).
Total monthly costs for the Arlington condo equal $1,932.99 compared to the $1,900.00+ for the Arlington apartment.
Be sure you look at your own situation, investigate the numbers and understand which alternative is right for you!
* does not include private mortgage insurance, inquiry with your mortgage representative or local bank re: costs and deductions.
Look for more listings in Arlington at Avenue3 Property Search
And here are current pending sales numbers in Arlington MA and 11 additional towns including Boston MA:
pending sales
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