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Why is real estate in Boston so expensive?
Have you ever wondered why the real estate in Boston is so expensive?
Here we will tap into the few things that largely dictate the pricing of the housing in Boston. Boston is an amazing city and part of what makes it an amazing city includes the people it serves from its athletes, doctors, attorneys, educators, scientists, actors, politicians, businessmen and etc.
From a realtors perspective, the large buildings owned by the worlds greatest schools, hospitals, and religious institutions for the most part are either tax deferred or relieved entirely, which plays a significant role in the pricing of housing in Boston. This statement indirectly highlights that the convenience of having these organizations and institutions a few minutes away adds to the cost as well.
From a builders perspective, repairing and remodeling these properties are complex for a variety of factors, which contributes to higher maintenance costs. For starters, parking is always difficult for company vans and dumpsters. Entranceways are often too narrow to fit modern appliances, materials, and equipment which leads to a higher price-out for remodeling projects.
The few reasons mentioned above is why the rent for one of the ugliest one-bedroom apartments are almost $3,000 a month, according to RentCafe.com and the average hotel room is around $200-$300 a night, according to the BostonGlobe.
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