New industry sparks housing market growth in Boston

If you need further incentive to move into one of the houses for sale in Boston, MA, you may want to consider the area's widespread reputation. The greater Boston area ranked sixth on the McKinsey Global Institute Global Economic Power Index in 2012, indicating the area is an influential part of industry today, The Atlantic reports. In fact, the only cities in the world that the index found more prominent were Tokyo, New York City, London, Chicago and Paris.

The struggling housing market remains in flux, but Standard and Poor's (S&p) states that the fundamental outlook for the residential real estate investment trust (REIT) sub-industry is positive. The report went on to depict the market as ideal for multi-family building operators due to low home ownership nationwide. Therefore, renters can expect their monthly payments to rise until people enter the market and go through with home closings.

Boston has experienced several new changes to its marketplace, such as a strengthening economy and hiring boom from life science and high-tech companies drawing new talent to the area. These people are in need of new housing opportunities, and if you're a part of this community of new residents, you may want to consider buying property instead of renting.

The resurgence in economic activity in the greater Boston area is a good sign for potential buyers, builders and home sellers. With more people interested in moving to Boston, homebuilders are more inclined to start projects, tear down homes that aren't selling and construct new houses that appeal to buyers.

The Boston Globe recently released its list of top places to live in the greater metro area. Brattle Street in Cambridge, MA, made the list due to its proximity to Watertown and the rest of Cambridge. At its Harvard Square end of the street, you may be able to purchase approximately 3,500 square feet for around $3 million. It's a high-end location, right in the heart of the city of Cambridge, but its relation to downtown Boston makes it a coveted space for prospective buyers.

If Brattle Street is outside of your price range, consider Eliot Street in Jamaica Plain. The Victorian properties are priced around $900,000, so investing in one while the area gets a complete makeover may prove to be a worthwhile investment down the line, The Boston Globe reports.