Looking at a medical job in Boston? Beantown is one of America’s oldest, most prestigious medical cities. From world-class educational institutions to cutting edge medical technology, Boston can feel like an intimidating place. But its Old World New England charm and reputation make it far more approachable than meets the eye. And while it’s not quite the cost of D.C. or San Francisco, it is the crown jewel of New England. Therefore, the Boston housing market requires a fair bit of navigating.
Here are our tips and tricks for finding the kind of affordable Boston housing that will fit your needs in the hub of Massachusetts Bay.
A high concentration of medical jobs are in some of Boston’s most centrally located neighborhoods. Therefore, pinning your housing hopes on some of the city’s most tried-and-true destinations may cost a pretty penny. However, it may be well worth it in the long run.
Back Bay and Beacon Hill
With a median price point of $776,224, buying a space in the Back Bay or Beacon Hill may seem unwise. Although, experts point to an expanding luxury market that may yield price reductions in the near future. And investing in a home in the Back Bay comes with its perks. The neighborhood, and its adjacent sister neighborhood Beacon Hill, have been some of Boston’s most prized locations. The neighborhoods are famous for their quiet, well-kept cobblestone, their iconic New England row-housing architecture, and their proximity to nearly everything you could need in the city.
Situated just west of the financial district and sandwiched between Massachusetts General Hospital and the Boston Commons is Beacon Hill. It has incredibly convenient access to both leisure and work. The nearby park and walking grounds are some of the most sought-after destinations in Boston. In addition, these are just a stone’s throw from Newbury Street, home to the city’s most famous and quaintest shopping district. The neighborhood is also only a fifteen minute walk from the historic North End and a plethora of the region’s best Italian shops and restaurants. Besides its proximity to most of Boston’s most cherished districts, Beacon Hill is located a few blocks from all the city’s major subway lines. Which gives you access to the entire city with ease.
Features of Both Neighborhoods
The Back Bay, located just to the west, sits right on the banks of the Charles River. It has all the same incredible landmarks of Beacon Hill, but adds to its résumé a border with Fenway Park, Chinatown, and the growing hot district of South Boston. Both neighborhoods are what Boston culture has come to be known for: beautiful New England architecture, a celebration of both old and new, and an authentically bustling sensibility that can’t be beat.
These locations are the perfect complement to some of the most prized medical centers in the United States. They are only minutes from Tufts Medical Center, Boston Medical Center, and Massachusetts General Hospital. Perfect for the young professional who wants a balance of both hominess and the excitement of the city. These locations are also ideal for young families looking for a place to settle into. Therefore, the high housing prices may be well worth it for a slice of Boston life in Back Bay and Beacon Hill.
Affordable Boston Housing
Red-Hot Real Estate: West Roxbury, South Boston, and Dorchester
West Roxbury is about 20 minutes to the southwest of the city center. However, the area is one of the most vibrant parts of the city. At the nexus of suburbia and urban redevelopment, the neighborhood is considered one of the more affordable parts of Boston. Which has led hundreds of businesses, shops, and restaurants to concentrate their efforts in this cultural hub. Housing prices have seen inflation at 125%, a good 25% more than the rest of Boston, but this is because it is such a desirable, affordable neighborhood. But even with these rising prices, the median cost for a home was still at $407,058. Furthermore, it is a wise investment when compared to other, more expensive parts of the city.
South Boston
South Boston, too, has seen its fair share of red-hot growth. Southie, as the area is nicknamed, was once the center of Boston’s Irish Catholic community. Moreover, it has maintained a reputation for being family-friendly. But redevelopment schemes in the first decade of the twenty-first century have redefined the neighborhood in a few ways.
A number of housing styles have given way to a rise in condos and spacious apartments. While still leaving room for some single-family homes that maintain the neighborhood’s rich roots. South Boston’s real estate is skyrocketing — most homes are listed around the $1 million mark. Although, with current forecasts of continuous growth, this might be an investment that will appreciate greatly in the future. Convenient access to the Red Line and many of the city’s best schools, the South End will continue to be an important center of the city.
If you’re looking for personality, look no further. Dorchester, comprising a number of neighborhoods just south of the South End and to the east, is the most diverse part of town. A hub of immigration over the past century, Dorchester is home to over a hundred thousand residents, including refugees from Haiti and Vietnam, immigrants from the Dominican Republic, Cape Verde, and Poland, and long-time residents who have lived there for hundreds of years.
Its cultural melange has made Dorchester one of the brightest spots in Boston for community-centered advocacy, arts, and food. With a median housing price of $672,000, Dorchester has a wide array of different housing options. From the cheaper end to luxury condominiums, this neighborhood is sure to check all your boxes.
The Up-and-Comers: East Boston and Allston
Finally, we would be remiss if we didn’t mention these two gems of the Boston housing market. Both East Boston and Allston are not traditional hubs of real estate in the city, but both are likely to become some of the fastest growing parts of the city. So if you’re looking for a place to invest now before prices skyrocket, consider both.
Allston is located just across the Charles River from Cambridge. To the west of the university centers of Boston University and the Longwood Medical Center, the area caters well to those looking for a bit of quiet. With a median price point of $306,048, the neighborhood is built for investments. Harvard University recently built its newest campus – its engineering school, right in the center of Allston, with an understanding that the area was on the rise and ripe for investment and development. Transportation is made simple by easy access to the Green Line and a number of reliable bus lines, and with an incredible view of the Charles River, Allston is quickly becoming one of the city’s best un-kept secrets.
East Boston is experiencing a similar renaissance; development projects have been scheduled and begun throughout the area, which is located to the west of Boston Logan International Airport. The area is easily accessed by the Blue Line, with beautiful views of the harbor and Boston’s incredible skyline. Eastie, as it is affectionately known, comes with a median purchase price of only $276,989, making it all the more appetizing.
The Bottom Line
The Boston housing market is red hot. Prices for homes have been rising steadily over the past 10 years. They will likely continue to grow into the next few years, but do not count Boston out for affordable housing. Because many realtors and market trend analysts aren’t worried. In fact, investing now in property in Boston is likely to pay its dividends in the future.
Fueled by the continuous growth of the medical, tech, and education industries, the city will not disappoint those who invest. And with the average physician’s salary in Boston at $318,471, the city may be more affordable than you think. All in all, Beantown provides some gorgeous and unique housing opportunities. That, coupled with an incredible medical market, may make it just the right place for you to settle into.
