New tech opportunities make Boston a fun, but pricey place to live
Real estate in Boston is being claimed by residential buyers and commercial investors. Recently, DivcoWest, a company that made its name by helping establish Silicon Valley, finalized a $105 million deal to buy four buildings off Congress Street in the Seaport District, The Boston Globe reports. Additionally, the company purchased a 220,00-square-foot office building in Cambridge for $79 million. These two locations may soon be hotspots for emerging tech companies, and job seekers may flood the area looking for work and homeownership opportunities.
Fortunately, The Atlantic Cities recently published an article that factored in both local average wages from the Bureau of Labor Statistics's Quarterly Census of Employment and Wages and local housing prices in metro areas across the country. The study's finding can help people organize their finances to make sure they're prepared for life in cities like Boston.
According to the report, a homebuyer would need to make $1,280 a week to afford a home in Boston with a median price per square foot of $219. The report estimates it would take 12.1 years to save for a down payment of this size. Prospective homebuyers who want to move to Boston and take advantage of new tech opportunities should make sure these numbers match their own financial standings.