Boston ranks as the number seven city to look out for this year in growth by The Urban Land Institute which it published in its Real Estate Emerging Trend Report. The city is home to about 700, 000 people making the real estate market pretty significant.
Due to the city's economy, Boston is expected to have an employment growth rate that compares with the national level. It's considered one of the best US cities in terms of job growth and stability. A real estate investor in Boston should be aware of how relatively expensive investment properties are – and this year's trend doesn't seem any different.
For home sellers in the Boston market, the forecast shows that property sales would increase by 3.6% as against the national reduction of 2%. Within the New England Region, Boston seems like the best city to invest in real estate this year.
Detailed below are more reasons why Boston is arguably the best city to invest in the real estate market this year.
Attracting Millennials
Recent estate marketing trend shows that millennials are the ones dominating the real estate market; they are buying homes in mass. Boston city is one of the cities in the world that attracts millennials. The Boston, real estate market, is vibrant with a lot of buyers offering more than the cost price to secure a property they love.
Increased Population
The city's population size has grown every year since 2004 because it attracts young people and immigrants from all over the world. The population growth is partly due to the city's good healthcare, biotech and educational jobs made available to everyone including immigrants.
Job Security
Boston is considered one of the few cities in the world that produces a large number of skilled workers from its universities – many of which specializes in fields like medicine, finance, and biotech. The constant creation of jobs would make the city retain present residents and attract more from all over. The increase in population and it’s high paying job rates has made Boston one of the best market for real estate.
Guaranteed Appreciation
Because of how strong the demand is with a limited space to grow, properties bought in Boston real estate market are guaranteed to appreciate. In 2019, houses in the US would increase between 2% - 6% and Boston would be at the top of that range.
Mouth-Watering Deals
Due to the increase in interest rates on mortgages, prospective buyers are under a lot of pressure and are limited to what they can afford. Builders, on the other hand, are cutting down prices for new properties by about 6% making it affordable for buyers. If you are an intending investor, you shouldn't pass up a deal this good.
Prospective investors stand to benefit a lot from the Boston real estate market this year, and you do not want to be left out. Talk to a capable real estate agent to discuss your options.
